Venmo announces limited series of its own physical debit card

BACKGROUND:

Ever wonder what if we need a backup for our digital payments or just want a physical card in our wallets just for the feel of it. Venmo is doing just that by releasing a limited series of physical debit cards which will serve as a bank card. The launch comes at a time when there’s a shift in preference towards p2p systems amongst the new generation, who enjoy using payment services with apps such as PayPal, Venmo, and Square.

THE CARD:

Users can start applying for the Venmo debit card and the card will ship within a week. It’s currently only available in the United States. There’s no particular fee for signing up for the card. Unlike the beta version of the card, the MasterCard-branded Venmo card comes with a vertical design in various colors including white, yellow, pink, blue, green and black.

The debit card is issued by the Bancorp Bank and comes with a chip and icon for security and support for contactless payments. The card makes the Venmo balance more applicable and convenient for real-world scenarios. Venmo users can now pay friends, transfer funds to the bank account, purchase from online stores, withdraw cash from the bank and split bills better with this debit card.

Customers can use their balance anywhere MasterCard is accepted, including fee-less MoneyPass ATMs and a charge of $2.50 in other ATMs. They can also withdraw up to $400 USD each day from their Venmo account using an ATM.

In case of tracking records and avoiding issues, the Venmo debit card can be managed from within the app letting users reset a new pin, activate a new card and disable a lost or stolen card. Venmo Card customers can also, keep track of all purchases with their personalized transaction history and by setting alert notifications on their phone.