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%.
eBay seller since 2022
Just started selling about a year and half ago
800 items sold 99.7 feedback
Recently I went away for family things for 30 days set my acct to be away … got back with items not received cases opened
I wasn’t able to revise existing listings post new listings OR refund the buyer from my eBay funds …
The items were caught up in recent wild fires but ended up being delivered late. I had to beg the buyer to let me pay them off of eBay to close the case because it was on hold and I wasn’t able to refund them from my eBay acct etc…. So luckily they obliged and I did … but ever since then my acct must be strikes as high risk because funds have been on hold 3 days after delivery since then indefinitely might I add… I get the run around everytime etc etc FINALLY I got someone saying it’s temporary it’ll be back to normal etc. these r all reps from escalated departments… one lady told me that with my history and feedback I’ve proved beyond doubt that I’m reliable seller and shouldn’t be on hold she put in for a appeal never heard back got the run around for another few months… they keep telling me I’ve been chosen for the new update they r rolling out total BS … do you believe that sellers will stay on eBay with these holds ? No they will simply go to another platform … they r 100% making money on the holds and use any reasoning to tell you basically no and keep profiting…. The get around is creating a new acct… these cases were closed without eBay having to step in and might I add I lost $$ and its been truly frustrating esp since I’ve built the acct up but I know I can do it again.. when they tell me its going to happen to all accts I just mention how my brother just opened one n now has immediate payments they don’t know what to say I don’t think they really even know.,, its sad n scummy but I see a class action lawsuit coming honestly ! I don’t know💬 if I forgot anything but well written thanks for the information. Have a great one!