Mobile payment service Venom has launched its much anticipated first credit card to ‘select customers.’ However, the company has said that it will be soon available for everyone. Those who want this credit card can apply through the company’s app. The company has fixed a certain condition that needs to be fulfilled at the time of applying for the card. These conditions are that the age of the applicant should about 18 years, he or she should be a resident of the United States and have an account with Venom in good standing that has been at least 30 days old. The best part about the credit card is that it can be managed directly through the Venom app. The app will allow you to manage all your spending activity, reward points, let you make payments, and split purchases. You can shop online by using a virtual card even before getting your physical card.
Just like Venmo accounts, there will be a unique QR code on the front of the credit card that can be scanned by others with the help of a phone to request or send money. RFID chip on the credit card allows the facility of tap-to-pay transactions. The company is giving five options to its customers who can pick any one of them. Unlike most of the cashback incentives structure that is based on the categories selected by users, the cashback reward system of Venom is based on your spending habits.
A venom spokesperson said that the vision of the company is to become a ubiquitous digital wallet from being the only go-to app for payments. “This will help our consumers to spend however and wherever they want to pay,” the spokesperson added. The credit card being offered by Venom is a Visa card that will be issued by Synchrony Bank. This is the second move by Venom to capitalize on its mobile-first experience. Earlier, the PayPal owned company had started offering a Mastercard branded debit card.