Venmo has launched a new feature which enables its credit card users to convert their cash-back to cryptocurrencies.
Venmo is a US-based mobile payment service owned by PayPal.
Users will be able to receive cashback payments in the form of Bitcoin, Ethereum, Litecoin, or Bitcoin Cash.
The crypto purchases will be conducted automatically and have no associated transaction fees.
The news comes after Venmo’s parent company PayPal announced it would enable customers to buy, hold and sell cryptocurrency directly from their PayPal account in November 2020.
Venmo’s 76 million users have been able to buy, hold, and sell cryptocurrency since April of this year.
Many payments providers are offering consumers practical avenues to spend cryptocurrency; Visa customers have spent more than $1 billion on crypto-linked cards in the first half of 2021.
"The introduction of the Cash Back to Crypto feature for the Venmo Credit Card offers customers a new way to start exploring the world of crypto, using their cash back earned each month to automatically and seamlessly purchase one of four cryptocurrencies on Venmo," says Darrell Esch, senior vice president and general manager at Venmo.
Latest News
-
BBVA to roll out genAI tools for 100,000 employees in partnership with Google
-
Qonto applies for banking license in France
-
FCA expands bullying and harassment rules beyond banks to 37,000 firms
-
Zopa opens Manchester office with plans for 500 jobs
-
Government plans new tools to help FinTechs navigate complex regulation
-
Paxos launches dollar stablecoin in the EU
Data trust in the AI era: Building customer confidence through responsible banking
In the second episode of FStech’s three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech examines the critical relationship between data trust, transparency, and responsible AI implementation in financial services.
Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.
Beyond compliance: Transforming document management into a strategic advantage for financial institutions
In this exclusive fireside chat, John Rockliffe, Pre-Sales Manager at d.velop, discusses the findings of Adapting to a Digital-Native World: Financial Services Document Management Beyond 2025 and explores how FSIs can turn document workflows into a competitive advantage.
Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories