A new feature called “Cash Back to Crypto” has been successfully incorporated in PayPal’s famous crypto app Venmo which lets the users, holding credit cards, enjoy the facility of purchasing four major virtual assets automatically without being charged of any transaction fee by PayPal.
On 10th August 2021 (Tuesday) PayPal made a fresh announcement informing incorporation of a new feature within its Venmo App.
PayPal informed that a new feature called “Cash Back to Crypto” has successfully been incorporated and implemented within the Venmo app. The feature has been exclusively added for the great convenience of PayPal users, particularly those holding credit cards. It has been told by PayPal that the feature will allow users to auto-purchase at least four major cryptocurrencies without even paying PayPal’s transactional fee.
Usually, if a user purchases crypto assets, then against each purchase, there is a transaction fee. Though this fee is not huge it involves a small amount of money which is in actual fact the share of PayPal. Since the user is using PayPal’s crypto services, therefore, this fee is charged by PayPal as the brokerage fee. However, if PayPal’s users opt to purchase cryptocurrencies through Venmo with the option of auto-purchase, then they wouldn’t be charged a single penny. This, according to PayPal, is a great convenience to be used by Venmo’s credit card-holding customers. Although the fee will be charged against a transaction at the end of every month, the amount will be refunded back in full to the user.
PayPal detailed yesterday that it has already rolled out the new Venmo feature for its credit card holding customers. The payment giant said that already “cash back” feature is one of the most prominent features contained in the Venmo app. Millions of users across the globe are benefitting from this smart feature and have been able to save a handsome amount of money. Now with the addition of new features, the adoption of the “cash back” option has been taken to a whole new level.
When PayPal started to lend crypto trading services, it became partners with Venmo and integrated the Venmo app. It was in April this year when the Venmo app’s usage was made possible and PayPal’s customers were given access to this app. At present, there are more than 70 million of PayPal’s users who are accessing this app and utilizing its features for their benefit. The app allows users to access the markets of Bitcoin, Bitcoin Cash, Litecoin, and Ethereum. All four of them are presently the most valued virtual assets in the world.
PayPal once again reiterated that the ‘no fee charge’ is available to only Venmo users holding credit cards. In addition, the users would need to opt for the “Cash Back to Crypto” option and then use it for the auto-purchase facility. Only then they will be refunded back the money into their accounts at the end of each month.