PayPal is testing out Venmo debit cards
Peer-to-peer payments service Venmo may be working on a physical debit card that would allow users to access their store funds at physical outlets, sources to Recode report.
Some employees at the PayPal-owned firm have made references to public testing in their purchase histories with stops at small businesses and fast food chain locations in particular.
PayPal offers credit and debit cards which allow its users to tap into their account funds instantly — a Venmo card would do the same. The company would also be able to flex a merchant charge of a percentage of each purchase made through the card, generating revenue.
As the migration away from traditional banking services and into mobile options has gone on, companies have been working on instant, real-world access means like with PayPal’s recent decision to allow “instant” funds transfers to linked bank accounts for 25 cents apiece.
Twitter-affiliated Square, which also has a remittance program, also recently decided to start a card while Apple Pay is planning on its own peer-based mechanisms this year.