Like Square, Venmo is accepting the reality that some people like to have a physical payment card in their wallet. If nothing else, it's good to have a backup for digital payments, and a card makes spending your Venmo balance in the real world more convenient. With its new iOS update today, Venmo is announcing a broad release of its debit card.
The company has been testing a physical Visa card for months, but for the official release, it appears that Venmo has switched to MasterCard and a vertical design card. Users can now "go online" for the Venmo debit card, and when ready to send, they can choose from a selection of colors. The Venmo card has a security chip, and an icon near that chip also indicates compatibility with contactless payments. There is no fee to register on the card. Currently it is only available in the United States.
Venmo strangely chose to use a bread dough image for the beta test of their card, but it will be more traditional for the consumer-friendly version. Square allows you to draw whatever you want on your cash card, but Venmo does not offer that level of customization.
The debit card is issued by Bancorp Bank. Users can disable the card from within the Venmo application when it is out of place and then re-enable it in case they find it. That's what is at stake in the payment cards these days, but at least the option is there.
For now the card is in "limited version", although Venmo says it is working quickly to get people off the waiting list and process applications. The card must arrive within 5 to 7 days after it has been approved. It can only be used in the United States; Venmo says it will not work for international commercial purchases. Regular purchases do not have any fees, but there is a $ 2.50 fee if you want to withdraw money from your Venmo account with an ATM.