Venmo has launched its always-on rewards program, Venmo Stash, where customers are enabled to earn up to 5% cash back on their everyday purchases.
Following this announcement, Stash builds on the app’s evolution from a peer-to-peer payment app to an everyday commerce platform developed for the way the next generation manages and moves their money.
In addition, Venmo Stash is now available to all Venmo Debit Card customers and clients, and it has been developed to be easy and free to sign up for the Venmo Debit Card in the app. Furthermore, it can be leveraged to spend and earn rewards in a fast and efficient manner when added to a mobile wallet, even before the physical card arrives.
More information on Venmo’s launch of Venmo Stash
According to the official press release, the program provides customers with multiple benefits, including the possibility to earn 1% cash back when they spend with the Venmo Debit Card at their selected bundle. This process is expected to double to 2% cash back when they set up auto reloads to replenish their balance, and multiply to 5% cash back when they receive Direct Deposits on Venmo each month. Furthermore, the rewards will be deposited directly into their Venmo balance, allowing them to spend as they choose.
In addition, Stash users will be enabled to choose from curated bundles of merchants that most align with their lifestyle and everyday spending behaviors, including retailers, businesses, and restaurants, to on-demand services and lifestyle favorites like TikTok Shop. The product is expected to also provide stackable cash back, as Venmo supercharged its debit card rewards earlier this year with rich, limited-time cash back offers from beloved brands available in the cards section of the app. Venmo Stash was also developed in order to operate alongside these offers, allowing Venmo Debit Card users to stack rewards when limited-time offers are available from the same merchant or business.
Venmo Stash was designed to further develop alongside Venmo’s expanding product ecosystem and to include more ways to get rewarded for interactions with Venmo. This is set to include the situation when users pay with Venmo at its network of nationwide merchants, which is expected to be launched next year.
