In a recent announcement, Venmo, the popular mobile payment service owned by PayPal, revealed that it will no longer be accepted as a payment method on Amazon starting January 10, 2024. Amazon users were notified via email, with the company specifying that while Venmo debit and credit cards will still be accepted, the direct integration with the payment service will cease.
Venmo’s notice on its website stated, “Due to recent changes, Venmo can no longer be added as a payment method. Venmo will remain available to users who currently have it enabled in their Amazon wallet until 01/10/24.”
PayPal spokesperson Joshua Criscoe shared with TechCrunch that the decision to disable Venmo as a payment option on Amazon was a mutual agreement between Venmo and Amazon. He emphasized that customers can still use their Venmo debit or credit cards added to their Venmo wallets to make purchases on Amazon, highlighting the continued strong relationship between the two companies.
Interestingly, PayPal’s shares experienced a 2% drop following the announcement. This move comes just over a year after Amazon initially embraced Venmo as a payment option on its platform, citing a commitment to offering convenient and user-friendly payment choices.
For Venmo, the collaboration with Amazon represented an opportunity to expand beyond peer-to-peer payments and generate revenue through transaction fees from retail purchases. Although the integration officially rolled out in October 2022, the partnership was first announced in 2021, indicating a year-long process to bring Venmo as a payment option on Amazon.
Amazon spokesperson Alyssa Bronikowski assured customers that despite the discontinuation of Venmo, there are still nearly a dozen alternative payment options available. These include debit cards, credit cards, checking accounts, and installment payments, ensuring that customers have a variety of choices for completing their orders. Amazon supports payment methods from major networks such as Visa, Mastercard, American Express, JCB, Discover, and more.
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