Venmo officially launches its own MasterCard-branded debit card
Venmo today is officially introducing its own debit card in partnership with MasterCard, following beta tests of a Visa-branded debit card last year. The new card will allow Venmo users to pay anywhere MasterCard is accepted in the U.S., and will record transactions to the user’s Venmo account for easy splitting with friends. It can also be used at an ATM to withdraw funds from the Venmo’s account’s balance.
PayPal, which owns Venmo, declined to explain why the company shifted from working with Visa during the beta testing period to now MasterCard, only responding with a non-answer, saying that it “continues to have valuable partnerships with both companies.”
Because of the change, however, existing beta customers won’t be able to continue to use their Visa-branded Venmo cards – they’ll instead be invited to sign up for the new Venmo MasterCard, issued by The Bancorp Bank.
One benefit to moving to the new card is that it will no longer feature an ugly lump of dough on the front (get it? dough? groan…). The updated card does away with that joke, and comes in a choice of six colors including black or white, as well as selection of bright colors, like yellow, pink, blue or green.
The company explains it learned from beta customers that users preferred a “more simplified look” that also offers personalization options.
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Sarah Perez
TechCrunch
Jun 25, 2018
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