Venmo says it plans to offer cash-back rewards for users of its debit card.
The mobile payment app, owned by PayPal, is hoping the new deals will convince users to rely on its service for more than just free money transfers between friends.
Known as the Venmo Rewards program, users will be presented with “limited-time offers” such as up to 5% cash back when using their debit card at places like Target, Sephora, Wendy’s, Chevron, and Papa John’s Pizza.
Venmo will regularly update the program to give cash-back deals at other retailers as well.
Once a user is enrolled in the program and begins using their card, the cash rewards will be deposited directly into their Venmo accounts.
Much like other debit cards, Venmo will earn a small percentage for every purchase made.
Aside from its debit card, Venmo also plans to launch a credit card in 2020 as it expands its business model. The credit card, just like the debit card, will be manageable from within the Venmo app.
Venmo is far from the only company moving that’s interested in physical payment cards. Apple recently released a credit card of its own that can likewise be monitored and controlled from the company’s Wallet app.
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- Everything you need to know about the new Venmo card
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H/T Market Watch