The popular cashless payment app company, Venmo, released a new debit card enabling users to make transactions with any merchant that accepts MasterCard.

Users can now pay by using an existing balance in their account and can use the card without a fee at participating ATMs.

“Our vision for Venmo is [to be] a ubiquitous digital wallet that helps consumers spend wherever and however they want to pay with their Venmo account,” said Erin Mackey, a Venmo spokesperson.

The new Venmo debit card has no sign-up fee and is similar to a regular debit card, which allows money to be taken from the user’s account to pay for purchases.

Money can also be transferred from users’ bank accounts instantly to their Venmo card.

The card also enables users to withdraw up to $400 a day from their bank account if they use participating ATMs, but withdrawing from any other ATM will cost $2.50 per transaction.

The new Venmo card now allows split purchases, making it easier to share expenses among several peoples.

“Beyond splitting Venmo card purchases, we’ve also integrated with top brands like Grubhub, Seamless, Uber and Uber Eats,” Mackey said.

A new safety feature for lost or stolen cards allows users to disable the card through their Venmo app. If the card is found, it can be re-enabled.

While the Venmo card works like a debit card, it has no way for users to deposit cash into the system, making the card only useful for withdrawals.

There is also no bill-pay functionality.

Venmo would not disclose the number of cards distributed, nor how many of those cards are used by college students.

Although seemingly popular among colleges students, not everyone feels the need to get a Venmo card.

“It’s like a debit card, but I have a debit card,” Katie Babinsky ’20 said. “I only use Venmo for when I owe people money and I don’t have cash.”