According to company officials, Venmo is a preferred solution for everyday transactions, with 64 million US accounts using the app monthly to split meals, send birthday gifts, and pay their share of rent and utilities.
Additionally, the Venmo Debit Card is currently a widely used option, with its monthly active cardholders rising by 40% as more people leverage it for in-store and online purchase payments. The new Venmo Debit Mastercard can be used for everyday purchases to earn optimal rewards both in-store and online. Users can earn 15% cash back at participating companies, including Sephora, Walmart, Lyft, McDonald’s, and Walgreens, by activating their offers in the Venmo app. This enables users to receive cash back on eligible purchases made both in-store and online.
Venmo Debit Card users benefit from these additional features:
Tap-To-Pay: Customers can add their card to a mobile wallet for convenient in-store tap-to-pay;
Automatically add funds: Users can enable automatic transfers either on a preset schedule or when their balance drops below a certain point;
Pay internationally: Customers can use the Venmo Debit Card for purchases anywhere Mastercard is accepted globally, with no international transaction fees on purchases;
Pass-through FDIC Insurance: With the card, USD Venmo funds are held in Program Banks, where they are, subject to certain conditions, eligible for pass-through FDIC insurance up to USD 250.000 at each Program Bank. FDIC insurance protects against the failure of a Program Bank, not Venmo.
Additionally, Venmo has expanded its availability at checkout, both in-store and online, enabling users to make payments with Venmo at numerous brands, including TikTok Shop, Uber, Instacart, and Domino’s.
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