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Paypal Launches Venmo Debit Card To Appeal To Younger Crowds

The second biggest payment processor in the whole world, PayPal, has decided to launch a new debit card for Venmo, their app targeted at younger audiences, according to an article published by Reuters. With this, Paypal seeks to broaden its audience and made itself interesting for teenagers and millennials, that are more inclined to use other kinds of payments, like cryptocurrencies.
The debit card will be used as a bridge between the Venmo account and the balance on the user bank account. Paypal elected Mastercard instead of Visa providers for this endeavor. Venmo is part of Paypal since 2014, and it presents a very different approach to payments than their father company has. While Paypal presents itself as a business class payment processor, mostly oriented to B2C and B2B environments; Venmo is a kind of digital wallet directed to make payments between users on the same platforms, oriented to the consumer to consumers segment.
The Venmo debit card will have a daily limit for withdrawal of 400$, and it will be issued by a banking institution called Bancorp Bank, with base in Filadelfia.
With the revamp of this important service, PayPal is now aiming to popularize and make a reach for possible youngers users that could be interested in using their platform. This card will be able to be used as a normal debit bank card issued by any national bank. This kind of development tell us that maybe Paypal is losing steam to another alternative payment processors like Circle Cash, that has also introduced cryptocurrency buying and trading to their service.
Most users of Venmo are millennials that often use the platform for micropayments, a thing that new tariffs and payment percentages imposed by Paypal had made so much difficult to. Also, equivalent services like Zelle are being well used and trusted; that is also why Paypal had to introduce this new feature for the platform, to have a killer feature on top of it.

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