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Venmo announces debit card in latest bid to monetize the service

PayPal Holdings Inc. said Monday that it would be rolling out a debit card for Venmo users, as the company explores a new way to make money off of the peer-to-peer service.

The new Venmo debit card will allow users of the popular money-transfer service to spend their balances in physical and online locations. Venmo said in a release that if you have a low balance, the card will reload using your preferred funding source to allow you to make your purchase. It will also work with ATMs.

Venmo users will see their Venmo card purchases in the app, which will give them the ability to split those charges among friends.

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