PayPal‘s Venmo app will start using its own credit cards next year in partnership with Synchrony Financial. Synchrony is a monetary services business that powers store cards for such entities as Amazon, eBay, Old Navy, and about 100 other cards in total.
According to the company, it has actually raised over $140 billion USD in sales and has 80.3 million active accounts. This isn’t the very first time Venmo has dipped into producing its own cards, as it presented a partnership with MasterCard to produce its own self-branded debit cards in 2015
” The next natural extension was to have a Venmo charge card,” Darrell Esch, senior vice president of credit at PayPal, informed CNBC “This rounds out what was otherwise a space with the debit card.” TechCrunch also keeps in mind that adding a Venmo-branded card could help “a still unprofitable arm of PayPal’s larger organisation, create more income.”
Tech giant Apple launched its own credit card in August, appropriately dubbed “ Apple Card” The titanium charge card is in association with Goldman Sachs and offers users with benefits such as 1-3?sh back, no worldwide costs, an interactive app that tracks your use, and more.
PayPal is launching a @venmo credit card as it works to generate income from the payment app?
— Kate Rooney (@Kr00 ney) October 17, 2019
— Synchrony (@synchrony) October 17, 2019