Users of PayPal-owned P2P payments app Venmo can now apply for a credit card that includes both a contactless payments chip and a printed QR code that they can use to receive P2P payments and share bills with friends.
“Your card comes with your own unique QR code on the front, so it’s a snap to Venmo friends,” Venmo says. “When they scan your code, up pops your Venmo profile to pay or get paid.”
Holders activate their Venmo credit card by scanning the QR code with their mobile phone. They can then allow friends to scan the code in the Venmo app to send a payment or split purchases with the cardholder.
The Venmo credit card also offers users monthly cashback rewards from 1% to 3%, depending on their expenditure in eight spending categories: groceries, bills and utilities, health and beauty, gas, entertainment, dining and nightlife, transportation, and travel.
As well as the physical credit card, users receive a virtual card which they can use for online shopping even if the physical card has to be frozen because of loss or theft.
They can also use the Venmo app to “track activity in real-time organised by spending categories, split and share purchases, view cashback status, make payments, manage the credit card and more.
“Additionally, customers can choose to receive real-time alerts to help them see when and where purchases are made, and when cashback is applied to their account.”
“The Venmo Credit Card is now available for select customers to apply using the latest version of the Venmo app and will be available to all eligible Venmo customers in the US in the coming months,” the company says.