Venmo launches cash back rewards program for debit cards

Venmo on Monday 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.

The program is designed to incentivize continued use of Venmo’s service by bringing more funds into the ecosystem, the company explains.

However, this program also represents a new way that…