Venmo announced the expansion of its Stash rewards program, allowing customers to earn up to 5% cash back when paying with Venmo at select merchants in chosen bundles. The program previously applied only to Venmo Debit Mastercard purchases.

The payment platform has added merchants including Sephora, Ulta, Taco Bell, and Pizza Hut to its network. PayPal (NASDAQ: PYPL), Venmo's parent company, reported that the Venmo Debit Card and checkout experience have become two of the platform's fastest-growing products, with transaction volume and monthly active accounts both growing at double-digit rates year-over-year.

"Venmo has always been where money moves between people, and now it is where millions choose to spend, in-app, in-store, and on-the-go," said Alexis Sowa, General Manager of Venmo at PayPal. "The more our customers spend with Venmo, the more rewarding it becomes."

The company launched a marketing campaign featuring comedians Rachel Sennott and Jordan Firstman to promote the expanded rewards program. The campaign focuses on the concept that the app traditionally used for peer-to-peer payments can now generate cash back rewards on purchases.

The Stash program allows customers to earn rewards on everyday purchases from participating lifestyle brands through their selected merchant bundles. The expansion represents Venmo's effort to increase engagement with its spending features beyond its core peer-to-peer payment functionality.