A Venmo card means users will be able to spend their money without having to wait for their withdrawal to appear in their bank accounts. For the company itself, Recode says it could mean a way to generate revenue, since payments to merchants come with a corresponding fee.
We still don’t know if the card will actually be released, but if it does make its way to users, the question is how long it’ll last. Bigger companies have tried and failed to connect physical cards with their digital payments services. Take for example, Google, which launched a card to work with Wallet and then killed it merely three years later. We can’t fault Venmo for wanting to try, though, when other payments services like Square are also still toying with the idea of releasing debit cards to go with their users’ accounts.