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PayPal introduces debit card for Venmo mobile app: Reuters

Published 06/25/2018, 11:46 AM
© Reuters.  PayPal introduces debit card for Venmo mobile app: Reuters
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  • PayPal (PYPL -3.1%) introduces a debit card for users of its Venmo person-to-person payment app, a move that aims to bolster its business with younger users, Reuters reports.
  • The debit card will be issued by Bancorp Bank and will allow up to $400 in daily withdrawals.
  • Users of Venmo's Mastercard (NYSE:MA) debit card can pay in stores using the balance on their app instead of transferring funds to their bank account.
  • Venmo's popular app added the ability to pay some online retailers in October; the app has processed $12B in payments in Q1 of this year.
  • Previously: PayPal continues acquisition spree with Simility buy for $120M cash (June 21)
  • Now read: PayPal Is Strengthening Its Moat As It Prepares For Accelerated Global Expansion


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