Sign up to save tools and stay up to date with the latest in AI
bg
bg
1

Venmo introduces new debit card benefits and payment options as rival Cash App struggles | TechCrunch

Jun 04, 2025 - techcrunch.com
Venmo is expanding its services beyond peer-to-peer payments with its latest update, aiming to become a comprehensive fintech platform. The PayPal-owned app has introduced new features for its debit card, including tap-to-pay capability and 15% cash back at select retailers like Lyft, McDonald’s, and Walmart. Additionally, Venmo now allows automatic transfers and international purchases without foreign transaction fees. The platform has also expanded its payment options to include retailers such as TikTok Shop and Uber.

These updates come as Venmo reports a 20% increase in revenue and a 50% rise in total payment volume, with monthly active accounts up by 30%. This growth contrasts with Cash App's recent shortfall, as its parent company, Block, reported lower-than-expected gross profits. Despite Venmo's success, Zelle remains a strong competitor in the U.S. peer-to-peer payments market, with a record payment volume exceeding $1 trillion in 2024.

Key takeaways:

  • Venmo has introduced new debit card benefits, including tap-to-pay capability and 15% cash back at select retailers, to expand its services beyond peer-to-peer payments.
  • Venmo now allows users to make payments with retailers like TikTok Shop and Uber, and offers international purchases without foreign transaction fees.
  • Venmo reported a 20% increase in revenue and a significant rise in payment volume and active accounts, contrasting with Cash App's Q1 shortfall.
  • Zelle remains a strong competitor in the U.S. peer-to-peer payments market, with a record high payment volume of over $1 trillion in 2024.
View Full Article

Comments (0)

Be the first to comment!