Venmo introduces new debit card benefits and payment options as rival Cash App struggles

Venmo aims to be more than just an application to pay friends with his last update.

On Wednesday, the payment platform belonging to Paypal made its debut on several new debit card services and expanded the possibility of making payments with retailers such as Tiktok Shop and Uber. Signal VenMo updates are trying to become more than one fintech service at full service, not just a peer payment application.

The revalted veniated venomo debit card, which was introduced for the first time in 2018, now offers a capacity of Tap-to-Pay, which could help Venmo position itself to capture a larger part of daily transactions. In addition, card holders now get 15% money back to Lyft, McDonald’s, Sephora, Walgreens and Walmart.

VenMo has also deployed the option to make card holders launch automatic transfers, allowing them to plan transfers and define specific balance thresholds that automatically trigger the reload when the balance falls below a certain level. Users can also make international purchases without incurring transaction costs abroad, a notable advantage for frequent travelers.

For all buyers, VenMo now allows users to make payments in brands such as Domino’s, Instacart, Tiktok Shop and Uber.

These updates come after cash applications ESCAL Q1Like his parent company, Block, revealed that consumers used the application less than expected, resulting in gross profit of $ 1.38 billion, which was lower than its expectations.

On the other hand, Venmo declared a 20% increase in income from the previous year. The use of remuneration with VEVMO jumped, the total payment volume increasing by more than 50%, and the number of monthly active accounts increasing by 30%.

Although Venmo was successful, Zelle continues to maintain a large part of the American peer payments market, reaching an additional record summit 1 dollars billion in payment volume in 2024.