PR Newswire
New Brand Campaign Reinforces Accelerated Expansion of Commerce Solutions with Enhanced Rewards In-Store and Online
Venmo, a leading social payments platform, today announced an accelerated expansion of its commerce capabilities, introducing even more benefits for customers to use their Venmo balance beyond peer-to-peer payments – from everyday purchases to earning enhanced rewards in-store and online with the Venmo Debit Mastercard®1.
Venmo has been a go-to solution for sending money to family and friends, with over 64 million U.S. accounts using Venmo every month to split meals, send birthday gifts, and pay their portion of rent and utilities. Now, with consumers looking to simplify their financial lives and optimize their spending, Venmo is evolving into a more flexible and rewarding way to spend a Venmo balance on everything from rideshares to cookware.
Venmo’s growth is continuing to accelerate as more consumers use their balances for everyday commerce. In the first quarter, Venmo revenue grew 20 percent year-over-year. Pay with Venmo usage surged, with total payment volume up more than 50 percent, and monthly active accounts are up 30 percent. The Venmo Debit Card is also gaining momentum, with monthly active cardholders up 40 percent as more people use it to pay in-store and online.
“Not only does Venmo deliver best-in-class peer-to-peer payment experiences, but we’re transforming from a payments app into a full-service commerce experience for users to spend their balance on everything, in-store and online,” said Diego Scotti, EVP, General Manager – Consumer Group. “Venmo users trust Venmo to move money, so we’re making it easier – and more rewarding – to spend and live their lives with an app that moves as fast as they do.”
A More Rewarding Way to Pay
Just in time for summer, Venmo is supercharging its debit card rewards with new, limited-time cash back2 offers at some of its users’ favorite brands. Venmo Debit Card users can now earn 15% cash back from Sephora, Walmart, Lyft, McDonald’s, and Walgreens by activating their offers in the Venmo app to earn cash back on their eligible purchases in-store and online.
Read More: Why the Payments Industry is Facing Its Biggest Transformation in a Decade
Venmo Debit Card users can also enjoy these added features:
- Tap-to-Pay: Add the Venmo Debit Card to your mobile wallet to conveniently tap-to-pay in-store.
- Automatically add funds: Easily manage and top up your Venmo balance by setting up automatic transfers—either on a preset schedule or when your balance drops below a certain point.
- Pay internationally: Use the Venmo Debit Card for purchases anywhere Mastercard is accepted around the world, with no international transaction fees on purchases.
- Pass-through FDIC Insurance: With your Venmo Debit Card, your USD Venmo funds are held in Program Banks, where they are, subject to certain conditions, eligible for pass-through FDIC insurance up to $250,000 at each Program Bank. FDIC insurance protects against the failure of a Program Bank, not Venmo. Venmo is not a bank, does not take deposits, and is not FDIC-insured. See Venmo User Agreement.
Pay with Venmo In-App and Online
Venmo has also expanded its presence at checkout in-app and online, making it easier than ever to pay with Venmo at a wide range of top brands, such as TikTok Shop, Uber, Instacart, Domino’s, and many more.
Introducing ‘Venmo Everything’
To further accelerate the adoption of the Venmo Debit Card and checking out with Venmo, the brand has launched a high-energy brand campaign starring Aimee Lou Wood and Patrick Schwarzenegger, set to a reimagined version of the iconic rap song, “The Choice is Yours.” Debuting today, the campaign features a vibrant brand film that follows Wood and Schwarzenegger as they seamlessly pay for everything – from everyday essentials like groceries to extras like records and hats – in-store and online.
Read More: Global Fintech Interview with Beth McCoy, President of RewardOps
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