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

Payment solutions business Venmo will launch a credit card.

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.

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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.

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