"Venmo on Monday introduced a new rewards program, Venmo Stash, offering cash back to customers who transact with their favorite brands on the payments app and engage with Venmo's products. While cashback rewards are a common incentive for credit cards, Venmo's rewards - which can be up to 5% - are returned to Venmo's Mastercard Debit Card. The program is designed to incentivize continued use of Venmo's service by bringing more funds into the ecosystem, the company explains."
"Another Morning Consult survey for Cash App Afterpay from earlier this year noted that 63% of Gen Z users said they favored debit cards over other payment methods. As a result, payment providers and retailers are looking to accommodate younger consumers by rolling out more debit rewards and by offering alternatives at checkout - like the use of "buy now, pay later" (BNPL) services such as Affirm, PayPal Pay Later, or Klarna."
Venmo launched Venmo Stash, a rewards program that returns up to 5% cash back to users' Venmo Mastercard Debit Card. The program awards 1% cash back for spending from a Venmo balance, 2% when auto reloads are enabled, and 5% when users receive monthly Direct Deposits. The program is intended to bring more funds into the Venmo ecosystem and to reward engagement with Venmo products. The program targets younger consumers who favor debit cards and competes with rival offerings such as Cash App's debit-card rewards and checkout alternatives like BNPL services.
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