Venmo is the latest tech company to try its hand at credit cards in an effort to expand earnings.
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On April 19, The Wall Street Journal reported that the company, which PayPal Holdings Inc. owns, will announce the new card in 2019.
Venmo is the latest tech company to delve into the credit card business in an effort to increase customer engagement and expand earnings.
See related: Venmo guide: How to send, receive money using Venmo
The company’s execs have been meeting with various banks since late 2018 to choose one to issue the new card and are leaning toward Synchrony Financial, according to sources quoted by The Wall Street Journal.
And in July 2018, PayPal Credit gave Synchrony $7.6 billion of its loan balances that consumers used to finance purchases online.
Card features, such as rewards, will be announced when it is issued.
See related: What you need to know about the Venmo card
Venmo is entering a crowded market
Venmo, which has not been turning a profit for years, anticipates that a credit card will help get the company on firm financial ground and add to PayPal’s goal of becoming more popular for consumers to use with offline retailers.
But Venmo’s goal is to get those who use only its free features to spend more money, and a branded credit card could be the answer.