PayPal’s P2P payments app Venmo announced on Monday the launch of its Venmo debit card. According to Venmo the new debit card will allow users to spend their Venmo balance in more places because the card can be used everywhere Mastercard is accepted in the U.S.
Venmo then explained that it’ll use the user’s linked funding source to reload the Venmo balance so they can make card purchases. The Venmo card is also ATM-friendly in the U.S.
“ATMs must display the Mastercard, Cirrus, PULSE, or MoneyPass acceptance marks. Up to $400 USD daily withdrawal limits apply. Transactions at non-MoneyPass ATMs have a $2.50 ATM Domestic Withdrawal Fee. No fee for MoneyPass ATM Withdrawals in the U.S. ATM operator fees may also apply.”
Venmo also reported that card purchases show up in the Venmo transaction history so that users can split with Venmo friends and share what they bought on the feed. The Venmo Mastercard is issued by The Bancorp Bank pursuant to license by Mastercard International Incorporated.