What are PYUSD Rewards?
Eligible customers can earn rewards on the PayPal USD (PYUSD) they hold in Venmo or PayPal. Rewards are paid out monthly directly to your Venmo account as PYUSD. We calculate your rewards based on your average daily balance of PYUSD using a variable reward rate, which you can see in the Crypto section of the Venmo app.
You need to be signed up for crypto at Venmo with a valid Form W-9 on file to participate in the program. If you don’t already have one submitted, you’ll be prompted to complete one at sign-up. This program is only available in the US (except New York), and your account needs to be in good standing to participate.
How do I sign up for PYUSD Rewards?
To sign up for PYUSD Rewards:
- Make sure you hold at least $1 of PYUSD in Venmo
- Go to the Crypto section of the Venmo app
- Tap PYUSD Rewards
- Toggle your rewards on
You can opt out of the program at any time by following the same steps and toggling off your rewards.
Can I get rewards on all cryptocurrencies, or just PYUSD?
We currently only offer rewards for PYUSD held on Venmo or PayPal.
How do I know how much I should expect for my rewards? When is it paid out?
You can see your historical rewards and expected rewards in the Crypto section of the Venmo app. Rewards are calculated using your average daily balance, calculated daily, and paid out monthly. Your account also needs to be in good standing.
Rewards are typically paid out in the first week of the month, but can take up to 30 days. If you think you’re missing some rewards, you can contact our Support team.
For assistance, please contact our Support team. Be sure to include as much detail as possible in your request.
Are there tax implications for PYUSD Rewards?
You should consult your own tax advisor regarding the tax consequences (if any) of receiving PYUSD Rewards. The earnings you receive through PYUSD Rewards may qualify as taxable income to you. Customers who receive $600 or more in rewards in the same calendar year will be issued a Form 1099-MISC for that tax year. The $600.00 USD reporting threshold is based on the aggregate amount of rewards income earned during the calendar year across all PayPal rewards programs.
What is the rewards rate for PYUSD Rewards?
The rewards rate tells you the potential reward you could receive over a year. Rewards for eligible users are accrued daily based on the PYUSD you hold with us, and are paid out monthly in PYUSD. This is a variable rate and can change at any time. You can see the current rewards rate in the Crypto section of the Venmo app.
Why am I not eligible for PYUSD rewards?
- You live in a jurisdiction where PYUSD rewards is not offered (i.e. outside of the US or in New York)
- You do not have an active Venmo account in good standing
- You are not signed up to buy and sell cryptocurrencies with Venmo
- You do not have a valid Form W-9 on file or your account is subject to 24% IRS backup withholding
- You do not have at least $1 of PYUSD with us