Breaking News

Venmo set to launch new credit card in 2019

The digital wallet app will enter the market in an effort to boost customer engagement and profits


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

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Venmo – a digital wallet app that enables you make and share payments with friends and family – is taking a conventional approach to turn profits by issuing a branded credit card, according to media reports.

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 details

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.

PayPal has been doing business – separately from Venmo – with Synchrony since 2004 when it began issuing the company’s Cash Back Mastercard.

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 relatedWhat 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.

The credit card market is crowded with technology companies – such as the Apple Goldman Sachs and American Express Amazon partnerships – entering the field in an effort to boost consumer spending.

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.

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