Venmo plans to launch its own credit card in 2020
In partnership with Synchrony BankBy Cohen Coberly
Financial tech app Venmo is most commonly used to transfer money between friends and family members, but the company wants to expand its business further now. In partnership with Synchrony Bank, Venmo will begin offering a "co-branded" consumer credit card to US residents in the second half of 2020.
Venmo hopes to use its tech chops and mobile app design experience to offer consumers a better, more convenient credit card. "Today's millennial cardholders are looking for leading-edge digital capabilities like around-the-clock access, personalization, simple but powerful mobile apps with granular controls and alerts, and rewards," Venmo writes in their announcement.
It's not entirely clear what form those capabilities will take, but we'll undoubtedly find out closer to the card's official release. However, we do know that the card will be managed through the existing Venmo app, which will probably receive some significant updates before launch day.
Venmo is not the first tech company to spread its tendrils into the credit card industry – Amazon offers two cards of its own (which are also managed by Synchrony), and the fee-free "Apple Card" is out there, too.
We'll update this article if any further details about Venmo's credit cards come down the pipeline, but given how far off its Q3/Q4 2020 release is, we wouldn't expect to hear much in the near future.
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