Venmo launches cash-back-to-crypto feature for automatic purchases

Venmo, the mobile payments service owned by PayPal, has added for customers the ability to automatically convert cashback from credit-card purchases into cryptocurrency.

Say hello to Cash Back to Crypto with the Venmo Credit Card, rolling out to eligible cardholders over the coming weeks.

Learn more → https://t.co/zvQfMxIZl5 pic.twitter.com/wcroWuaapW

— Venmo (@Venmo) August 10, 2021

Users will be able to enable and disable the Cash Back to Crypto feature themselves and choose the cryptocurrency for it. There will be no transaction fees for automatic purchases.

“The rollout of Cash Back to Crypto for the Venmo credit card offers customers a new way to start exploring the world of cryptocurrencies, using their monthly cashback for automatic and seamless purchases of one of four digital assets on the platform,” said Darrell Esch, senior vice president and CEO of Venmo.

The service added the ability to buy and sell cryptocurrencies in April 2021. Users have access to Bitcoin, Ethereum, Litecoin and Bitcoin Cash.  

PayPal opened access to these digital assets for US users in November 2020.

In July 2021, the payments company announced the addition of a similar capability for customers in the United Kingdom.

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