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Venmo is launching a new debit card rewards program and expanding its checkout options as the popular payment platform aims to compete with other similar services.

Venmo's debit card penetration is still in the single digits, compared to 44% of users for Cash App, according to Bernstein.

PayPal added nearly two million first-time PayPal and Venmo debit card users during the quarter, with total debit card payment volume climbing more than 60%.