Venmo, the most social digital wallet that lets you make and share payments with friends, is officially launching its own physical debit card, in partnership with Mastercard.
After months of testing, Venmo, the leading digital wallet app in the U.S., is finally introducing its physical debit card. Funny enough, Venmo is dropping VISA, its partner for the test, and chose Mastercard for its official release.
Venmo acknowledges that even the most digital of us need to make payment in the real world, and that, more often than not, still requires a physical bank card. Your Venmo balance will still fuel the card, but now you get to pay for stuff wherever Mastercard is accepted.
Venmo users are invited to “get in line” for the new Venmo debit card as it will be a limited release, although Venmo has pledged to move fast through the waitlist and process applications. Once approved and before your card is ready to ship, you will be able to choose from a selection of designs. Note that Venmo has chosen to work around a vertical card design. The card itself offers chip and pin security and will support contactless payments.
Your card should arrive within 5-7 business days after approval. Unfortunately, it is only available in the United States and will not work for international purchases. There are no fees for the card, and transactions through vendors will be free of charge. However, there is a $2.50 cash fee for withdrawing money from your Venmo account using an ATM.
The Venmo Mastercard is issued by the Bancorp Bank. It can be activated – and deactivated if lost or stolen – through the Venmo app on your phone.
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