Venmo Introduces Rewards Program

Venmo has 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. However, this program also represents a new way that today’s brands are attempting to reach younger users, many of whom have shown a preference for debit cards over credit cards. One 2024 study cited by eMarketer indicated that only 39% of Gen Z users reported frequent credit card use, compared with 51% for older generations. 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.