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PayPal teams up with Synchrony to launch Venmo co-branded credit card

PayPal Holdings Inc. plans to issue a Venmo co-branded consumer credit card in the U.S. in 2020, and Synchrony Financial will become the exclusive issuer of the card as part of the companies' expanded and extended partnership.

The card is expected to launch in the second half of 2020.

The Venmo credit card program will combine Venmo's mobile design expertise with Synchrony's program management capabilities, data analytics and technology to create customized shopping and payment experiences for Venmo users.

Venmo users will be able to easily apply, buy and manage their accounts in the Venmo app, and will receive real-time alerts for their transactions.

Venmo is Paypal's signature peer-to-peer payments app.