PayPal Holdings Inc. and Synchrony announced plans to launch a co-branded Venmo consumer credit card as part of an extended agreement between the two companies. 

Synchrony, a Stamford, Connecticut-based  consumer financial services firm, will become the exclusive issuer of the Venmo card in the U.S. during the second half of 2020. 

"For 15 years, Synchrony has been a strategic partner in offering credit cards that enable greater purchasing power and rewards for PayPal customers," Dan Schulman, CEO of PayPal, said in a company release. "We are pleased to deepen our relationship with Synchrony to bring groundbreaking new credit experiences to the Venmo community through a desirable credit card and a seamless in-app experience."

Venmo users will be able to apply for a card, manage their account and make purchases from within the Venmo app. 

Cover image courtesy of Synchrony.