Amazon Will No Longer Accept Venmo as A Payment Option Starting Next Month
Amazon has announced that it will no longer accept Venmo as a payment option on its platform starting January 10, 2024. The decision comes less than a year after Amazon initially allowed users to use Venmo for payments on its website.
Venmo, a mobile payment service owned by PayPal, will no longer be accepted by Amazon starting next month, the company announced on its website. The official announcement coincides with Amazon informing customers via email last night that as of January 10, 2024, Venmo will no longer be accepted on Amazon.com. Nonetheless, Venmo credit and debit cards are still accepted on Amazon.
The notice on Venmo’s website states, “Venmo can no longer be added as a payment method due to recent changes.” “Users who have enabled Venmo in their Amazon wallet will be able to access it until January 10, 24.”
In an email to TechCrunch, PayPal representative Joshua Criscoe stated, “Venmo and Amazon have agreed to disable Venmo as a payment option to pay on Amazon at this time.” To make payments on Amazon, users can keep adding their credit or debit cards to their Venmo wallet. We are excited to keep strengthening our great relationship with Amazon.
Following the announcement of the news, PayPal’s stock has decreased by about 2%.
Less than a year has passed since Amazon declared that users would be able to use Venmo to make payments on its website. The massive online retailer stated at the time that it aimed to provide simple and convenient payment methods for its clients.
With this deal, Venmo was able to expand its revenue stream from P2P payments to transaction fees from retail purchases. While the integration didn’t happen until October 2022, PayPal had previously declared in 2021 that it had struck a deal with Amazon to enable Venmo payments. After that, the integration took a year to implement.
“Customers can still use nearly a dozen other payment options, such as debit cards, credit cards, checking accounts, or installments to pay for their orders,” an email from an Amazon representative named Alyssa Bronikowski was sent to TechCrunch. Several payment networks, including Visa, Mastercard, American Express, JCB, Discover, and others, are accepted by Amazon.
