Venmo, a payment service owned by PayPal, is about to launch its own credit card to compete with the Apple Card. The Venmo credit card was announced a year ago, and now 9to5Mac has obtained exclusive details about this card that will offer digital services through a new app.
Sources familiar with the subject told 9to5Mac that Venmo’s credit card is still under development, and it might be launched soon, as the company has promised that its credit card will be available to US users by 2020.
9to5Mac also obtained an image showing the activation process of the Venmo credit card in iOS through a new app, which should make the process of managing the card simpler and more intuitive. Users will be able to activate a new Venmo card by simply pointing the iPhone camera at the card, which will have a QR Code to finish the activation process.
This, of course, is an attempt to modernize how credit cards work, just as Apple has done with the Apple Card. One of the highlights of the Apple Card is the easy management process that lets users check all information through the Wallet app, not to mention the activation process where the user simply has to hold the iPhone against the Apple Card envelope.
However, this is not the first Venmo card, as the company already has a digital bank account with a debit card. Venmo’s debit card lets users check all transactions in their app, and it also offers an option to remotely disable the card, plus a cashback reward — so it’s expected that Venmo’s credit card will work in the same way.
According to a CNBC report, Venmo currently has over 40 million users, and everyone will be able to apply for a Venmo credit card when it becomes available.
Just like the Apple Card, Venmo is also available exclusively in the United States — at least for now.