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PayPal Hands Synchrony Another Win With Venmo Credit-Card Deal

Oct. 17, 2019, 12:00 PM

PayPal Holdings Inc. will introduce a Venmo credit card in next year’s second half as it continues to try to boost income from the popular person-to-person payments application.

Synchrony Financial was chosen as banking partner for the card after a bidding process, and research is under way to determine what rewards will be offered, said Darrell Esch, PayPal’s senior vice president of credit. Synchrony will use PayPal and Venmo user data in its underwriting, which could help it offer the card to consumers with little credit history, the companies said.

PayPal has added products to Venmo such as a debit ...