PayPal peer-to-peer payment brand Venmo debuted its first ever rewards programme, offering users in the US cash back when they pay using its debit card at select retailers.
Participating retailers will offer the benefit on a rotating basis, with customers able to view current offers on the Venmo app. In a statement, the company said initial rewards include 5 per cent cash back for purchases at retailer Target, cosmetics store Sephora, fast food chain Papa Johns and Chevron petrol stations.
Cash earned from purchases will be deposited directly into users’ Venmo accounts, where the funds can be transferred to a bank account, or to pay friends and merchants within the app. Users can track how much they’ve earned from each transaction in the My Feed tab.
The company launched the debit card in June 2018 to extend its reach offline, and The Wall Street Journal in April reported it was exploring options for a credit card offer as well.Subscribe to our daily newsletter Back