After embracing crypto payments, PayPal-owned Venmo is moving forward in its crypto strategy by expanding support for crypto with a new cashback tool.
Venmo Embraces Crypto Payments
Venmo is an app that allows users to pay and request money from their friends without cash. Following in the footsteps of PayPal to expand cryptocurrency services, Venmo has rolled out new features to allow users to dip their toes into the world of crypto.
For example, the payment app recently released the 'cashback to crypto' feature which automatically, and seamlessly lets users convert cash-back to crypto for free. Until now, it only supports four different crypto — Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
Announced back in August, this feature allows users offered cashback on purchases with select merchants. Those who have a Venmo Mastercard Debit Card are already enrolled in Venmo Offers automatically.
To enable this feature, customers can use the app to navigate to the Credit Card home screen and select the Rewards tab then 'Get Started’ then select their crypto of choice.
Despite not being the only app that provides crypto services, the payment app owns 18% of the global market share of crypto wallets, Bloomberg reported.
