Venmo has announced Cash Back to Crypto, to allow Venmo Credit Card customers to automatically purchase cryptocurrency from their Venmo account using cash back earned from their card purchases.
The feature will allow its customers to convert their cash back to crypto auto-purchases in real time without incurring any transaction fees while the cryptocurrency conversion will be spread built into each monthly transaction.
According to Darrell Esch, SVP and GM, Venmo, “The introduction of the Cash Back to Crypto feature for the Venmo Credit Card offers customers a new way to start exploring the world of crypto, using their cash back earned each month to automatically and seamlessly purchase one of four cryptocurrencies on Venmo.”
Using Cash Back to Crypto
The feature is easy to use. Users head to the Venmo Credit Card home screen and select the Rewards tab then ‘Get Started.’ Once customers have agreed to the terms, they will be able to select their crypto of choice, with a confirmation screen presented. Customers can navigate to the Rewards tab at any time to turn the auto-purchase feature on or off, or even change the crypto they would like to purchase that month.
With seamless auto-purchasing, once customers receive their cash back into their Venmo balance each month, those funds are used to automatically purchase their selected crypto with no action required. Once complete, customers can choose to hold or sell the crypto within the Venmo app at any time.
Visa-powered Credit Card
Venmo’s credit card can be used everywhere Visa® credit cards are accepted, allowing customers to make purchases at millions of retailers worldwide in-store and online, and features an intelligent, personalized rewards system that maximizes opportunities to earn cash back.
The cash back is up to 3% depending on the category of the purchase and is automatically added to a customer’s Venmo account, giving them the freedom to choose from a number of different ways to use funds – including the new Cash Back to Crypto feature.
Crypto on Venmo
With the new feature customers can view cryptocurrency trends, buy or sell crypto, and access in-app guides and videos to help answer commonly asked questions and learn more about the world of crypto. Customers can choose from four types of cryptocurrencies: Bitcoin, Ethereum, Litecoin and Bitcoin Cash.