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Innovations and Payment Systems

PayPal and Synchrony to launch Venmo credit card next year

The new product will be the first co-branded card under the Venmo name

Summary

Venmo is the latest tech company to try its hand at credit cards in an effort to expand earnings.

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PayPal and Synchrony announced an exciting new product today – the first ever co-branded Venmo credit card. Expected to launch in the latter half of 2020, the new product will extend the partnership between PayPal and Synchrony.

According to a press release on the subject, “the new Venmo credit card program will combine Venmo’s expertise in mobile design and social user experience with Synchrony’s industry-leading technology, program management capabilities and data analytics to create personalized shopping and payment experiences for the Venmo user base.”

Information about the card’s potential earning structure and other features has not yet been revealed.

A new front-runner for mobile wallet fans?

PayPal and Synchrony already have a suite of products tailored toward fans of the mobile payment solution – including the PayPal Cash Back Mastercard, which offers an industry leading flat-rate of cash back.

However, it remains to be seen if the Venmo card will be able to compete with other rewards card offerings. With more excitement surrounding mobile-first offerings – like the much lauded Apple Card – it seems likely the Venmo product will generate some buzz next year. According to the press release, Venmo card users “will be able to easily apply, buy and manage their account natively in the Venmo app.”

For now, keep an eye out as more information about the card is released.

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