Venmo is the darling of PayPal's product portfolio and the undisputed leader in the person-to-person payments space. The social payments platform processed $12 billion of the company's total payment volume in Q1, representing growth of 80 percent over the year-ago period.
The payments giant has slowly introduced more payment functions with Venmo, starting with the ability to pay select businesses with Venmo through the Braintree platform. PayPal then gave Venmo users the ability to use their app balance or linked cards and bank accounts anywhere PayPal is accepted in the US via the mobile web.
The Venmo-branded debit card is part of PayPal strategy to expand Venmo's monetization potential in 2018. During its bi-annual investor day last month, PayPal COO Bill Ready said expanding Venmo's retail presence was "a major step in the evolution" of the platform.