Venmo Ramps Up Mobile Payments Access With Venmo Card

December 12, 2024         By: Steven Anderson

It’s not every day a company tips us off about an item on a Twitter feed, but that’s what happened recently as we got word from Twitter about Venmo’s newest release: the Venmo card. The concept is simple enough to explain in a 49-second video, but the implications are substantial.

Basically, the concept goes exactly as it says on the box. Venmo users—at least, a certain proportion of same—wanted Venmo usable in more places than it currently is. Thus, Venmo rolled out the Venmo Card, a move that ultimately would allow users access to more places.

The Venmo card itself is effectively what it says on the box: a complete debit card system that, instead of being connected to a bank account is connected to your Venmo account. This allows users to keep track of purchases made via the Venmo balance system, making it particularly useful for those who accept, say, a roommate’s portion of the rent via Venmo.

Since the Venmo card is connected to Mastercard, it basically means that any place that takes Mastercard can take the Venmo card as well. Additionally, since the card is effectively connected to the app, since it draws on the app’s balance for funds, it boasts a “don’t-panic button” that allows the user to immediately shut down the card if it were ever lost or stolen.

This is an excellent move, as far as I’m concerned. Venmo was a great idea, but it only went so far. Sure, it was easy to have all your friends chip in on a purchase, or collect rent, bar bets, or that chunk of Friday’s pizza that got shared out, but what exactly could you do with the cash once you got it? You could reclaim it, of course, but it took time to route cash from your Venmo to your bank. With this approach, the cash is available instantly, or comparatively so, and thus much more accessible and useful.

Venmo took what was a great way to collect payments from friends and those in the immediate surroundings and turned it into an equally great way to pay for things. It’s a complete, sealed ecosystem now, and that will likely only improve its usability, user counts, and profitability thanks to more payments processed.