Amazon Ditches Venmo As A Payment Option, PayPal Stock Drops
Amazon is ending the ability to use Venmo to pay for purchases on the site, a little over a year after adding the payment option for buyers.
Venmo can no longer be added to Amazon wallets, and customers who have already enabled it will lose the option after Jan. 10, according to a notice from Venmo which cited “recent changes,” without further explanation.
Using Venmo on Amazon
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 and Amazon rolled out the partnership in October 2022, but lack of adoption appears to be the reason behind the impending split.
Amazon apparently notified users of the decision in an email yesterday.
That was fast. Amazon started accepting Venmo about a year ago. Now, it’s no longer going to be accepted. pic.twitter.com/sfYupRlHqe
— Rich DeMuro (@richontech) December 7, 2023
Both companies have confirmed users will still be able to use Venmo debit card or credit cards to pay on Amazon.
PayPal has been dealing with a slowdown due to changing consumer habits, returning to in-store shopping, and current macroeconomic headwinds.
The company has faced cost cutting pressure from investors as previous CEO Dan Schulman announced his retirement and new CEO Alex Chriss has taken the helm.
Since the news of the breakup between Amazon and Venmo was announced, PayPal’s shares have dropped by around 2%.
