1. Venmo has launched a new rewards program, Venmo Stash, offering cash back to users who transact with their favorite brands on the app and engage with Venmo products.
2. The rewards, which can be up to 5%, are added to Venmo's Mastercard Debit Card. This initiative aims to encourage continued use of Venmo's service and bring more funds into the ecosystem.
3. The program also serves as a strategy for brands to reach younger users who prefer debit cards over credit cards, with up to 63% of Gen Z users favoring debit cards. Other payment providers and retailers are adapting similarly by offering more debit rewards and alternatives like "buy now, pay later" services.