Amid risen competition in the digital payments area, Venmo announced its first-ever rewards program, Venmo Rewards.
This will enable users to earn automatic cashback on buying when they pay with their Venmo card at picked retailers.
How Does it Work?
The company is hitting off the plan with limited-time cashback deals, including a 5% back at Target, a 5% back at Sephora, a 4% back at Dunkin’, a 5% back at Wendy’s and much more.
The cashback received through the program is transferred directly into your Venmo account.
Therefore you can use the funds to pay friends within the Venmo app or make Venmo card purchases.
You can also pay merchants that take Venmo or transfer the money to your associated bank account or debit card.
Users will moreover be able to track their rewards in a dedicated part of the Venmo mobile app.
This is where they can view what they have earned on each of their qualified purchases.
They then can choose to share their rewards received in the Venmo feed.
Similar to how credit card offers to appear and go, Venmo Rewards cashback deals will also stop at some point, as new ones come to take their place.
Venmo cardholders will be capable of checking in on the current offers accessible to them at any point by visiting their card settings in the Venmo app.
The launch of a rewards program appears at a time when Venmo is suffering increased competition in the digital payments area.
The Type of Cards Venmo is Providing
Though formerly a peer-to-peer money transfer service, Venmo added a debit card last year that lets users spend their Venmo balance out in the real world.
While still using the advantage of features like dividing bills and the social feed, which supported popularize the service amongst a younger demographic.
Lately, Venmo announced plans to give a credit card, as well.
Presently, users don’t certainly approach a Venmo card at point-of-sale, however.
They might prefer to use a card where they will get airline miles or a retailer’s shop card, wherever they get a discount on the sale itself and loyalty points.
To keep customers participating in the Venmo ecosystem, the company requires to find new ways to promote the use of its card, too.
Venmo Rewards will start to roll out beginning next week, Venmo says.
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