Venmo introduces new debit card benefits and payment options as rival Cash App struggles

Venmo aims to be more than just an app for paying friends with its latest update. 

On Wednesday, the PayPal-owned payment platform debuted several new debit card benefits and expanded the ability to make payments with retailers such as TikTok Shop and Uber. The updates signal Venmo is trying to become more of a full-service fintech service, not just a peer-to-peer payments app. 

The revamped Venmo Debit Card, which was first introduced in 2018, now features a tap-to-pay capability, which could help Venmo position itself to capture a larger…