In the News
In Venmo is officially launching its physical debit card, Chris Welch discusses the new release of a physical Venmo debit card usable within the United States. Welch explains that Venmo’s debit card will come with all of the standard debit card features including a chip for secure payment. Welch also states that Venmo debit card holders will be able to turn off the card if it is misplaced or stolen.
Our Take
From splitting an Uber to paying a friend back for buying lunch, Venmo use is commonplace among college students and young professionals for easy transfer of small dollar amounts. The introduction of Venmo’s physical debit card now gives users the ability to consolidate financial transactions into one service in much the same way that banks do, which may help people keep a closer eye on their financial statements. Venmo’s chip and pin functions, and their precautions in case of theft, bring them in line with most debit cards on the market.
Recommendations
- As with most new products, it is generally best to wait until after launch before participating: it’s called the “bleeding edge” for a reason
- Track your finances closely to spot unfamiliar activity before it becomes harmful
- Make sure you enable the available privacy or security tools on all accounts that touch on financial transactions
- Only make purchases from reputable sources both in person and online