The deal, described at the time by Ajay Banga, Mastercard's chief executive, as a "significant win", made TSB Mastercard's largest debit card issuer in the UK.

For the first time ever, the company said, U.S. debit card customers spent as much with their MasterCard debit cards -- $118 billion -- in the last fiscal quarter as they did with their credit cards.

Unlike the beta version of the card, the MasterCard-branded Venmo card can be used to withdraw up to $400 per day at ATMs displaying the MasterCard, Cirrus, PULSE, or MoneyPass acceptance marks.