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Cardholders will be able to track their spending in real time, organized by category, plus split or share purchases, view their cash back status, make payments and manage their card directly in the Venmo mobile app. They can also opt in to receive real-time alerts when purchases and payments are made, much like other credit card and banking apps allow for today.
Venmo in Q2 said it had more than 60 million active accounts using its payments app — meaning those accounts that had completed a transaction within a 12-month timespan. It declined to say how many have since adopted its debit card to date. The company also reported $37 billion in Venmo payment volume in the most recent quarter. That means Venmo sports a large and active user base that it can upsell the new card to from within its free, peer-to-peer payments app, instead of only relying on external marketing.
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