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In order to attract more customers, the PayPal-owned Venmo mobile payment service offers a limited edition Rainbow debit card.
On Friday, Venmo introduced this option in his selection of white, yellow, pink, blue, green and black cards. "We know that our users like to choose a card color … the design of the card is inspired by many colors of our existing cards," the company said in a press release.
Last year, Venmo launched the debit card service with MasterCard. The card can be used wherever MasterCard is accepted, with transactions being recorded in the Venmo account of the user, according to TechCrunch. Cards can also be used at ATMs to withdraw money directly from a Venmo balance.
With Venmo debit cards, users can split their costs and add tips directly into the app using the "Charge Venmo Card" feature. Users can also manage their cards and charge them money from the app.
PayPal acquired the mobile financial service in 2014 as part of the acquisition by Braintree, an online payment processing startup, worth $ 800 million.
Venmo does not disclose the number of users of its application, but badysts at Verto Analytics estimated that the company had 10 million active users per month, reports CNN. In the fourth quarter of 2018, Venmo's net payment volume was $ 19 billion, an increase of 80% over the year, according to Statista.
Venmo debit cards were tested for the first time in 2017 by the company's employees, who were then integrated into a test program. This beta program was initially badociated with Visa and then MasterCard. Venmo had not commented on the change at that time, but had told TechCrunch that he "continues to have valuable partnerships with both companies."
The limited edition cards will be available on Friday, March 4th for the main cardholders of the company, then for the general public.
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