Venmo set to launch own credit card as it hits 40mn yearly users

By Olivia Minnock
Venmo is almost ready to launch its own branded credit card, the Wall Street Journal has reported. The company has been considering issuing its own cr...

Venmo is almost ready to launch its own branded credit card, the Wall Street Journal has reported.

The company has been considering issuing its own credit card since last year, and is close to making a deal with consumer financial services business Synchrony Financial to be its partner in the endeavour.

Last year, Venmo made an agreement with Mastercard to launch its own contactless debit card.

SEE ALSO:

In addition to the card venture, Venmo has recently released its user numbers, disclosing 40mn yearly users. Payments volume has grown 73% year on year in Q1 2019, and this year Venmo expects a payment volume of $10bn.

Started by PayPal, Venmo is now a popular peer-to-peer payments app in the US, where payment is notoriously less convenient that in Europe or some regions of Asia. As such, Venmo makes it much easier for people to transfer money to one another.

Share

Featured Articles

Top 100 Women 2024: Sun Kwon-Wishik, Wells Fargo – No. 2

FinTech Magazine’s Top 100 Women in FinTech honours Wells Fargo Securities' Sun Kwon-Wishik at Number 2 for 2024

Top 100 Women 2024: Wendy Stewart, Bank of America – No. 1

FinTech Magazine’s Top 100 Women in FinTech honours Bank of America’s Wendy Stewart at Number 1 for 2024

Want to Become a Sponsor of FinTech LIVE in 2024?

Put your brand in front of thousands of attendees at FinTech LIVE in 2024 by becoming a sponsor of one of our events

KPMG Launches New Fintech Platform – KPMG Digital Finance

Financial Services (FinServ)

Global Payments: Embedded Finance Reshapes Consumer Journeys

Financial Services (FinServ)

Worldpay Report: Consumers Driving Golden Era of Payments

Digital Payments