Just like Square, Venmo is accepting the reality that some people like having a physical payment card in their wallet. If nothing else, it’s good having a backup for digital payments, and a card makes spending your Venmo balance in the real world more convenient. With its new iOS update today, Venmo is signaling a wide release of its debit card.
The company has been testing a physical Visa card for months, but for the official release, it looks like Venmo has switched to MasterCard and a vertical design. Users can now “get in line” for the Venmo debit card, and when it’s ready to ship, they’ll be able to choose from a selection of colors. Venmo’s card has a chip for security, and an icon near that chip also indicates support for contactless payments. There’s no fee for signing up for the card.
Venmo oddly chose to use a picture of bread dough for the beta test of its card, but it’s going more traditional for the proper consumer release. Square lets you draw whatever you want to be etched onto its Cash card, but Venmo’s not offering that level of customization.
The debit card is issued by the Bancorp Bank. Users can deactivate the card from within the Venmo app when it’s misplaced and then reenable if and when it’s found. That’s table stakes for payment cards these days, but at least the option is there.
For now the card is in “limited release,” though Venmo says it’s working quickly to move people off the waitlist and process applications. The card should arrive within 5 to 7 days after you’ve been approved. It can only be used in the United States; Venmo says it won’t work for international merchant purchases. Regular purchases don’t have any fees, but there’s a $2.50 fee if you want to withdraw money from your Venmo account using an ATM.