Mobile payment app Venmo is currently working on a credit card, which is slated to be released next year.
The app, owned by financial giant PayPal, plans to release the physical payment method in the second half of 2020 as part of a deal with fellow financial company Synchrony.
PayPal CEO Dan Schulman said in a statement that the new card would offer users even more options when making payments with their Venmo account.
“For 15 years, Synchrony has been a strategic partner in offering credit cards that enable greater purchasing power and rewards for PayPal consumers,” Schulman said. “We are pleased to deepen our relationship with Synchrony to bring groundbreaking new credit experiences to the Venmo community through a desirable credit card and a seamless in-app experience.”
The physical card can also be linked to the Venmo app, allowing users to enable payment alerts and other options.
Synchrony CEO Margaret Keane similarly praised the partnership as a step forward for the financial industry.
“PayPal and Venmo continue to transform the payment experience for consumers, and we are proud to be their partner-of-choice,” Keane said. “Synchrony’s digital technology and expertise will enable Venmo and PayPal to further grow their business by creating new innovative consumer experiences.”
News of the Venmo credit card comes not long after Apple’s release of its own credit card as well. Much like Venmo plans to do, the Apple Card can be monitored and controlled from the Wallet app on a user’s iPhone.
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H/T Consumer Affairs