Venmo is partnering with greeting card manufacturer Hallmark to let you send a physical gift card loaded with money. Hallmark said that this new line of cards will be available for $4.99 on the company's websites, in Hallmark Gold Crown stores and in select retailers.
People will be able to choose cards from different ranges, such as Birthday, Congrats, Wedding, Holiday and Everyday cards. They can then scan the QR code inside the card, add the amount they want to gift, write a note and send it. The recipient can scan the QR code and add the money to their Venmo account.
Venmo said the sender has to enter the recipient's Venmo username, email or phone number so no one else can add money to their own account. The company said that the recipient has to redeem the gift card money within 180 days, or it is returned to the sender's account.
"The Venmo community has consistently turned to the platform to surprise and delight one another with gifts of money, whether it’s treating a friend their morning coffee, celebrating a birthday, or a random gift of kindness,” Erika Sanchez, vice president and general manager at Venmo said in a statement.
“Collaborating with Hallmark not only brings Venmo into the physical gifting space but also helps connect generations accustomed to giving physical greeting cards with cash to younger generations who are used to having everything digital -- like a grandparent sending a birthday gift to their grandchild or a family celebrating a recent graduation.”
Following a user survey, the PayPal-owned company said that 78% of the survey participants use Venmo to send gifts to each other.
In June, PayPal launched support for Tap to Pay on Android for U.S.-based merchants using Venmo and Zettle. In May, Venmo launched teen accounts and debit cards so parents could send money to kids easily. And the recent addition of teen accounts combined with today's new gift cards could become a popular option for the upcoming holiday season.