News

Venmo challenges cash with proprietary mobile-based debit card

June 27, 2017

Venmo, the P2P payment app near and dear to every millennial's heart, is reportedly testing a prepaid debit card that would allow users to pay for goods and services at brick-and-mortar retailers using funds stored in their Venmo account, according to a report from Recode.

Recode based its report on the public feeds of some Venmo employees that showed purchases from Chipotle and Taco Bell. (Venmo lets users tell others about their purchases in the app's news feed.)

A Venmo spokesperson declined to confirm the test, telling Recode only that the company "will continue to test, introduce and expand features that allow people to use Venmo to pay friends and shop. We have nothing to announce at this time."