The news: Venmo released a slate of new features for Venmo Debit cardholders—automatic transfers for Venmo balances, FX fee-free international transactions, pass-through FDIC insurance for Venmo funds, and limited-time 15% cash back from select retailers. Cardholders can also add the Venmo card to wallets like Apple Pay so they can use tap to pay. 

Pay with Venmo’s presence will be expanded at in-app and online checkouts such as TikTok Shop, Uber, Instacart, and Domino’s. 

The strategy: While Venmo is known as a peer-to-peer (P2P) payments provider, PayPal is continuing its long fight to make the app a full-service platform to improve its profitability. 

Letting users add the debit card to their mobile wallets will likely increase Venmo’s payment volume on everyday transactions, especially among digitally native Gen Zers who favor using mobile wallets for payments.