Hot on the heels of its announcement about a new transfer service, Venmo has unveiled its first-ever credit card.
The mobile payments company’s new credit card is expected to be launched in the second half of 2020.
The PayPal subsidiary is teaming up with consumer financial services company Synchrony for the launch of the credit card, which is a move to generate more revenue. Synchrony has previously issued PayPal’s Extras Mastercard and Cashback Mastercard.
“For 15 years, Synchrony has been a strategic partner in offering credit cards that enable greater purchasing power and rewards for PayPal consumers,” said Dan Schulman, CEO at PayPal. “We are pleased to deepen our relationship with Synchrony to bring groundbreaking new credit experiences to the Venmo community through a desirable credit card and a seamless in-app experience.”
The new Venmo credit card was said to be particularly targeted to millennial cardholders who demand 24/7-access to their financials and personalized services, according to the official announcement.
“PayPal and Venmo continue to transform the payment experience for consumers, and we are proud to be their partner-of-choice,” said Margaret Keane, CEO of Synchrony. “Synchrony’s digital technology and expertise will enable Venmo and PayPal to further grow their business by creating new innovative consumer experiences.”
However, this is not Venmo’s first card, with the company having launched a debit card back in July 2018.
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