Latest news with #PayPal-owned
CNBC
12-06-2025
- Business
- CNBC
Coinbase beefs up subscription plan by offering it with American Express credit card
Coinbase on Thursday introduced its first branded credit card in partnership with American Express. The card will be available exclusively to U.S. members of Coinbase One, the cryptocurrency platform's monthly subscription product that offers zero trading fees, increased staking rewards and other perks. Additionally, Coinbase is also creating a lower-cost "Basic" subscription tier. Cardholders will be able to earn between 2% and 4% back in bitcoin, beginning this fall, and take advantage of experiences, protections and other benefits that are offered alongside the American Express network. Coinbase One costs $29.99 a month while a Basic tier with fewer rewards will cost $4.99 a month or $49.99 a year. "We see real potential in the combination of Coinbase and crypto with the powerful backing of American Express, and what the card offers is an excellent mix of what customers are looking for right now," Will Stredwick of American Express global network services said at the Coinbase State of Crypto Summit in New York City. Coinbase's crypto exchange for retail and institutional investors is its core business, but the company has been building its subscription and services offering, comprised of stablecoins, staking, subscriptions like Coinbase One and custody, which supports the majority of bitcoin and ether ETFs. William Blair analyst Andrew Jeffrey said Wednesday that subscription revenue growth "will be the reason long-term investors own the stock." Trading revenue totaled $1.26 billion in the first quarter, while subscription and services revenue came in at $698.1 million for the quarter. Coinbase One launched in 2023 and has grown to more than one million members since. The company also operates a developer platform called Base and a self-custody wallet. The launch of the Coinbase One card comes as the crypto industry prepares for a boom in product launches and rollouts thanks to the pro-crypto policies of the Trump administration and more clearly defined crypto regulations expected from Congress in coming months. This is the first credit card launch for Coinbase, although it introduced a prepaid debit card in partnership with Visa in 2020. American Express has previously partnered with trading platform Abra on a crypto-back card that was due to hit the market in 2022 but never materialized. Other crypto-back cards have been discontinued or removed crypto as a redemption option. Of the remaining offerings, Gemini, the Winklevoss brothers' 11-year-old crypto trading platform that confidentually filed to go public last week, offers a crypto-back credit card, while PayPal-owned Venmo allows users to "earn" crypto from its credit card through an automated "Cash Back to Crypto" function.
Yahoo
04-06-2025
- Business
- Yahoo
Venmo introduces new debit card benefits and payment options as rival Cash App struggles
Venmo aims to be more than just an app for paying friends with its latest update. On Wednesday, the PayPal-owned payment platform debuted several new debit card benefits and expanded the ability to make payments with retailers such as TikTok Shop and Uber. The updates signal Venmo is trying to become more of a full-service fintech service, not just a peer-to-peer payments app. The revamped Venmo Debit Card, which was first introduced in 2018, now features a tap-to-pay capability, which could help Venmo position itself to capture a larger share of everyday transactions. Additionally, cardholders now get 15% cash back at Lyft, McDonald's, Sephora, Walgreens, and Walmart. Venmo also rolled out the option for cardholders to initiate automatic transfers, enabling them to schedule transfers and set specific balance thresholds that automatically trigger reloading when the balance falls below a certain level. Users can also make international purchases without incurring foreign transaction fees, a notable perk for frequent travelers. For all shoppers, Venmo now allows users to make payments at brands such as Domino's, Instacart, TikTok Shop, and Uber. These updates come after Cash App's Q1 shortfall, as its parent company, Block, revealed that consumers used the app less than anticipated, resulting in a gross profit of $1.38 billion, which was below its expectations. In contrast, Venmo reported a 20% increase in revenue compared to the previous year. The usage of pay with Venmo jumped, with total payment volume increasing by over 50%, and the number of monthly active accounts rising by 30%. Although Venmo has seen success, Zelle continues to maintain a significant portion of the U.S. peer-to-peer payments market, achieving a record high of over $1 trillion in payment volume in 2024. This article originally appeared on TechCrunch at Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
04-06-2025
- Business
- Yahoo
PayPal's Venmo, Snowflake upgrade, Asana: Trending Tickers
PayPal-owned (PYPL) mobile payment app Venmo is adding new features to its platform, including 15% cashback rewards at select retailers. UBS analysts upgrade Snowflake stock (SNOW) to a Buy rating and raise their price target to $265 per share. Asana (ASAN) shares sink Wednesday morning after topping first quarter earnings estimates while reporting a notable year-over-year decline in sales growth. To watch more expert insights and analysis on the latest market action, check out more Wealth here. Now time for some of today's trending tickers. We are watching PayPal, Snowflake, and Asana. First up, PayPal owned Venmo, adding new features in hopes of expanding user adoption of its debit card and other financial services. The updates include 15% cashback for Venmo debit card holders at retailers, including Walmart, McDonald's and Sephora, as well as expanding its Pay with Venmo feature. Next up, Snowflake getting an upgrade to buy from neutral. UBS is the one behind this call and along with several price target hikes following its summit. UBS analysts saying that it's not too late to take advantage of what could be just the beginning of a sustained enterprise investment in data services and cloud providers. Evercore ISI, which raised its price target to $240, saying AI has reached a tipping point and that makes Snowflake's current pace of growth durable. Finally, here we're checking in on shares of Asana falling on worries about the software company's sales growth, which slowed to 9%. That's down from 26% growth a year ago. Despite narrowly beating the street's expectations for the first quarter, city analysts warn and quote, the billing miss and guide down raises some growth concerns. You can scan the QR code below to track the best and worst performing stocks of the session with Yahoo Finance's Trending Tickers page.
Yahoo
04-06-2025
- Business
- Yahoo
PayPal's Venmo, Snowflake upgrade, Asana: Trending Tickers
PayPal-owned (PYPL) mobile payment app Venmo is adding new features to its platform, including 15% cashback rewards at select retailers. UBS analysts upgrade Snowflake stock (SNOW) to a Buy rating and raise their price target to $265 per share. Asana (ASAN) shares sink Wednesday morning after topping first quarter earnings estimates while reporting a notable year-over-year decline in sales growth. To watch more expert insights and analysis on the latest market action, check out more Wealth here. Sign in to access your portfolio
CNBC
04-06-2025
- Business
- CNBC
Venmo adds debit card perks, checkout options in push to catch rival Cash App
Venmo, long known for helping friends split dinner bills and birthday gifts, is jumping into the heart of consumer commerce. The PayPal-owned platform on Wednesday rolled out several updates designed to move beyond peer-to-peer transfers, transforming Venmo into a more robust fintech tool for everyday spending. The changes include upgraded rewards for Venmo Debit Mastercard users, expanded checkout options at major retailers, and a new brand campaign aimed at positioning Venmo, which has more than 64 million monthly active users, as a full-service commerce platform. "We're transforming from a payments app into a full-service commerce experience for users to spend their balance on everything, in-store and online," said Diego Scotti, EVP and general manager of PayPal's Consumer Group. It's a shift that sees Venmo trying to catch up to rivals in a key fintech growth area and capture more of the daily consumer wallet. Venmo's debit card penetration is still in the single digits, compared to 44% of users for Cash App, according to Bernstein. And while Venmo debit card transaction volume totaled $13 billion, Cash App's reached a massive $152 billion in 2024. PayPal has doubled down on competing with platforms like Cash App. On a recent earnings call, PayPal CEO Alex Chriss said more than 45% of U.S. branded checkout now runs through the company's upgraded experience — a figure the company expects to climb further as it expands across Europe. He also pointed to strong debit card momentum, with nearly two million people using a PayPal or Venmo debit card for the first time last quarter, a 90% increase from the year prior. Venmo is accelerating on multiple fronts but still has areas to improve. Revenue grew 20% year over year, though PayPal didn't break out a dollar figure. Total payment volume for Venmo increased 10% to $75.9 billion. Transaction volume for Pay with Venmo climbed 50%, and monthly active users of the Venmo debit card rose about 40%. Chriss has made it a priority to better monetize acquisitions like Braintree and Venmo. Major brands including DoorDash, Starbucks and Ticketmaster now accept Venmo at checkout, a move that further integrates the app into daily consumer spending. Venmo and Cash App have both lost share in U.S. peer-to-peer payments over the past year as Zelle surged to 66% of market volume, up from 55% in 2019. Venmo now holds 19%, down from 21% last year, signaling the pressure to expand beyond basic transfers. Venmo is banking on its brand recognition, social roots, and user loyalty to drive adoption among younger, mobile-first consumers. The updated Venmo Debit Card now offers 15% cash back at major retailers including Sephora, Walmart, Lyft, McDonald's, and Walgreens, with offers activated directly in the app. Cardholders can also tap to pay in stores using their mobile wallets, make purchases internationally without foreign transaction fees, and enable auto-reloads when balances drop. In parallel, Venmo is expanding its presence at checkout. The ability to pay with Venmo is now live at brands like TikTok Shop, Uber, Instacart, and Domino's. The company hopes this growing merchant network will further entrench Venmo as a go-to payment method—especially at a time when consumers are seeking both convenience and rewards.
