P2P payments giant Venmo has launched its first credit card, which comes with a personalised rewards setup and a built in QR code.
The contactless Visa card, issued by Synchrony, can be managed within the Venmo app, where customer track their spending, which is organised into categories such as groceries, bills, dining and transportation.
Each month, the card gives customers cash back to their Venmo account based on these spending categories: three per cent for the one on which most was spent, two per cent for second, and one per cent for the third.
The card, available in five designs, also has a unique QR code which can be scanned to activate it and by friends to send a payment or split a purchase,
Darrell Esch, SVP, general manager, Venmo, says: "The card gives our customers the same unique Venmo experience they already know and love, in an intuitive, easy-to-use card and rewards program, that's all seamlessly managed and controlled from the Venmo app."