Like many other companies, PayPal is trying to capitalize on the interest in the ever evolving world of cryptocurrency while also keeping risks to its bottom-line in line. The latest initiative targets holders of its Venmo credit card.
Cash Back to Crypto is a new way for Venmo Credit Card customers to automatically purchase cryptocurrency from their Venmo account using cash back earned from their card purchases.
“The new feature, which further enhances the Venmo Credit Card’s dynamic rewards experience, expands choice in how customers can spend their cash back while allowing them to start exploring crypto within the Venmo environment they know and love.”
In April, PayPal launched the capability for people to buy and sell cryptocurrency within the Venmo app with as little as a dollar.
See yesterday’s full announcement and be sure to read all terms and conditions if considering using such services.