SAN JOSE, Calif.—PayPal-owned Venmo has just launched a Mastercard-branded debit card.
The move is PayPal’s latest attempt to generate revenue from Venmo, as most peer-to-peer transactions between users are conducted for free. Venmo started a beta program for the new cards last year, and they are now available in limited release, Nasdaq.com reported.
Card purchases show up in the Venmo transaction history so that users can split with Venmo friends and share what they bought.
“That means no more long, painful bill splitting,” Nasdaq.com said.
The Venmo Mastercard is issued by The Bancorp Bank and is available only in the U.S.