Venmo launches debit card

Venmo launches debit card

PayPal's hugely popular P2P payments app Venmo is looking to conquer the high street through the introduction of a Mastercard debit card.

Venmo has been testing a Visa card for several months but is now working with Mastercard and issuer the Bancorp Bank for the "limited release" launch, inviting customers to reserve a spot.

The contactless Venmo card, which comes in six colours, lets Americans use their Venmo balance instore and to withdraw cash from ATMs.

Card purchases show up in the Venmo in-app transaction history, for easy splitting among friends. Users can choose to be alerted to each purchase and can also disable the card from their phone.

Venmo is following in the footsteps of another mobile payments firm, Square, which has also recently begun offering users a debit card.

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