16.08.2021 News

Venmo allowed to exchange cashback for cryptocurrency

Venmo mobile payment service is trying to keep up with other apps. Last fall, the company decided to launch its own credit card with up to three percent cashback.

The payment service, owned by PayPal, has allowed customers to gain access to cryptocurrency in April of this year.

Since late April, users have been able to buy, sell, and store cryptocurrency in the app. However, it is worth noting that, so far, only 4 cryptocurrencies are available for clients: Bitcoin, Ethereum, Litecoin and Bitcoin Cash. Venmo has partnered with blockchain startup Paxos.

Changes have also been made to the app’s functionalities. Now, customers will be able to see the transaction records of only their friends. Before, it was possible to observe the transactions of all users. Venmo representatives explained their decision by the fact that they want to increase the privacy of the payment application. Users can choose whether they want to give away their transaction information to other people or keep them private.

But the most important change is in credit cards. Customers can now automatically spend their cashback on buying cryptocurrencies with no transaction fee. There are 4 cryptocurrencies to choose from: Bitcoin, Ethereum, Litecoin and Bitcoin Cash. At any time, users can change the choice of cryptocurrency.

“The Venmo credit card cryptocurrency refund feature offers customers a new way to start exploring the world of cryptocurrencies, using their monthly cashback to automatically and seamlessly purchase one of four cryptocurrencies on Venmo,” Darrell Ash, Senior Vice President and CEO of Venmo, commented in a press release. “We’re excited to bring this new level of feature interconnectivity on the Venmo platform, linking our Venmo Credit Card and crypto experiences to provide another way for our customers to spend and manage their money with Venmo.”

Importantly, the Giant Eagle supermarket chain has begun accepting PayPal and Venmo for payments.

“We are thrilled to be the first supermarket and convenience store chain in the country to accept PayPal and Venmo in our stores,” said Graham Watkins, executive vice president of retail innovation and business development at Giant Eagle. “This implementation is particularly interesting because it allows Giant Eagle and GetGo customers to use pre-existing digital payment methods in the locations where they transact most frequently.”

All this demonstrates that the cryptocurrency market is developing, and more companies are starting to consider introducing cryptocurrencies into their functions.

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