The mobile payment service will facilitate the automatic purchase of Bitcoin, Ether, Bitcoin Cash and Litecoin.
Venmo, the mobile payment service owned by PayPal, yesterday announced the launch of a new service for Venmo credit card customers, called Cash Back to Crypto. This service will allow customers to use cash backs received on their card purchases to purchase cryptocurrencies, directly from their Venmo account.
The Venmo credit card is a contactless Visa card and can be used at the millions of merchants that accept Visa cards worldwide. Customers can automatically get up to 3% cash back on their spending and use it as part of Venmo’s Dynamic Rewards program.
The Cash back to Crypto feature is available under the Rewards tab on the home screen of the Venmo credit card. Customers can use the auto buy feature to automatically purchase a cryptocurrency of their choice with their cash back. These purchases do not incur transaction fees.
Darrell Esch, vice president and CEO of Venmo, said : ” The introduction of the Cash Back to Crypto feature on the Venmo credit card offers customers a new way to start exploring the cryptocurrency world, using their monthly income to automatically and seamlessly purchase one of the four cryptocurrencies on Venmo. We are excited to bring this new level of functionality interconnection to the Venmo platform, linking our Venmo credit card and crypto experiences to offer our customers another way to spend and manage their money with Venmo. “
The four cryptocurrencies available on Venmo are Bitcoin, Ether, Bitcoin Cash and Litecoin. Venmo began offering cryptocurrency services in April, when it began allowing users to invest in the aforementioned coins for as little as $1.
PayPal, the parent company of Venmo, also seems open to cryptocurrencies, since it acquired digital asset security technology provider Curv at the beginning of the year and allowed spending on cryptos.
In addition to buying cryptocurrencies, Venmo customers can already access cryptocurrency market data and educational resources. The rollout of the new Cash Back to Crypto feature began yesterday and over the next few weeks it will be made available to all eligible Venmo credit card holders.
