- PayPal and Synchrony announced that they will be launching Venmo credit card next year
PayPal and Synchrony have announced an expansion and extension of their strategic consumer credit relationship. And as part of the expanded partnership, Synchrony will become the exclusive issuer of a Venmo co-branded consumer credit card in the U.S. — which is expected to launch in the second half of 2020. Plus PayPal and Synchrony also announced an extension of their overall consumer credit program relationship.
“For 15 years, Synchrony has been a strategic partner in offering credit cards that enable greater purchasing power and rewards for PayPal consumers,” said Dan Schulman, CEO of PayPal. “We are pleased to deepen our relationship with Synchrony to bring groundbreaking new credit experiences to the Venmo community through a desirable credit card and a seamless in-app experience.”
Millennial cardholders are now looking for leading-edge digital capabilities such as around-the-clock access, personalization, and simple but powerful mobile apps with granular controls, alerts, and rewards.
And the new Venmo credit card program will combine Venmo’s expertise in mobile design and social user experience with Synchrony’s technology, program management capabilities, and data analytics for creating personalized shopping and payment experiences for the Venmo user base.
“PayPal and Venmo continue to transform the payment experience for consumers, and we are proud to be their partner-of-choice,” added Margaret Keane, CEO of Synchrony. “Synchrony’s digital technology and expertise will enable Venmo and PayPal to further grow their business by creating new innovative consumer experiences.”
In partnership with Venmo, Synchrony’s open banking APIs will enable a seamless payment and credit experience for users. And users will be able to easily apply, buy, and manage their account natively within the Venmo app. Plus cardholders will also receive real-time alerts and can interact in new ways including splitting and sharing purchases.
