Venmo may have started out with the aim of eliminating the need for people to carry physical payment cards but it now appears to be accepting the reality that most people don’t actually mind carrying plastic in their wallets. To that end, the company today announced the launch of its first physical debit card. The Mastercard-issued card will enable Venmo users to spend their account balance anywhere they can pay with Mastercard.
Venmo had actually been testing a Visa-issued prepaid card for several months but it appears to have switched to MasterCard at launch. It has opted for a vertical design for the card.
The company mentions that the card is now in limited release so Venmo users can get in line to reserve their spot today and they will be sent a card when their turn comes. They will be able to use the card anywhere Mastercard is accepted in the United States. The card can be used for cash withdrawals at ATMs in the country as well.
Users should keep in mind, though, that there’s a daily cash withdrawal limit of up to $400. Transactions at non-MoneyPass ATMs will incur a $2.50 ATM Domestic Withdrawal fee while there will be no fee for MoneyPass ATM Withdrawals in the United States.