Why it matters: Though Venmo is quite popular, it’s not as widely accepted as PayPal is when it comes to paying for online or physical goods and services. Fortunately, Venmo has a solution for that problem now – a physical, Mastercard-branded debit card with “contactless” payment functionality and MoneyPass ATM access.
If you love using Venmo, but don’t like how restrictive it can be when it comes to paying for physical or digital goods with your balance, the service has some good news for you; Venmo will soon be offering a Mastercard-branded, physical debit card to its users.
As you might expect, Venmo’s debit card will work anywhere Mastercard is accepted, and the card will come with a host of interesting perks and features. For example, Venmo’s debit card can be used at most MoneyPass ATMs in the US, allowing you to withdraw cash directly from your Venmo balance.
Furthermore, if you try to make a purchase but don’t have enough money in your Venmo account to cover it, the Venmo debit card can automatically pull money from a linked funding source to make up the cost difference.
Finally, Venmo’s debit card boasts “swipe-free” shopping. According to the company, that means debit card users can avoid the need to insert or swipe their card at checkout by gently tapping the card against a “contactless” payment reader at participating store locations.
If you’re worried about the possibility of losing your card, or worse, having it stolen, Venmo has your back. Within the Venmo app, you’ll be able to disable and enable the card at will, preventing thieves from accessing your funds.
If you want to try Venmo’s new debit card out for yourself, you can “get in line” to apply for one via the company’s dedicated app. It’s not clear when Venmo’s upcoming debit cards will be shipping out to users.