Venmo is jumping into the physical world of banking by offering its own Mastercard-branded debit card.
PayPal-owned Venmo unveiled the card today, which is accepted everywhere that takes Mastercard. It connects to users’ Venmo accounts, making it easy to quickly share and split purchases.
The card functions in some ways like any other debit card, working with some ATMs. When the card balance is low, Venmo pulls from users’ bank accounts to cover the cost.
The card comes after months of beta testing. One big change from the testing phase is that the card has shifted from Visa to Mastercard. That means beta customers will have to switch over to the new card, as noted by TechCrunch.
The release of the new Venmo card comes on the heels of the company de-emphasizing its web version. Venmo earlier this month said it is phasing out support for making payments and charging friends on the web.