Amazon Ends Venmo Payment Option, PayPal Shares Dip in January Shift

Amazon Inc. is set to remove Venmo as a payment option on its platform. Starting next month, the e-commerce giant will no longer accept payments through the PayPal-founded mobile payment service.

According to Fox Business, starting Jan. 24, 2024, Amazon customers will not find Venmo on the payment modes on the company's e-commerce site or mobile app. Then again, it was said that customers may still use Venmo debit or credit cards for their transactions on Amazon.

"Due to recent changes, Venmo can no longer be added as a payment method," the e-commerce firm stated. "Venmo will remain available to users who currently have it enabled in their Amazon wallet until 01/10/24."

Customers Urge to Try Other Payment Methods

As Venmo is set to be taken down, Amazon urges its customers to use other payment options. The company said it still offers almost a dozen payment methods, so Venmo's unavailability should not be a problem.

Amazon added that buyers may choose from various credit cards, debit cards, installments, and checking accounts to pay for purchases. The spokesperson of PayPal told Fox Business that both companies agreed to the deactivation of Venmo.

PayPal's Shares Slide as Amazon Discards Venmo

Venmo was first launched in 2009, and in 2013, it was acquired by PayPal. It is a widely used mobile payment service, and its partners include Starbucks, McDonald's, DoorDash, Domino's, Uber, Microsoft, and more.

Meanwhile, now that Amazon announced its plans to ditch Venmo, CNBC reported that PayPal shares plunged by 1.7% on Thursday. The move to drop the said mobile payment option is said to be abrupt, but both Amazon and Venmo assure that their ties remain strong.

The spokesperson of Venmo told the publication in a statement, "We have a strong relationship with Amazon and look forward to continuing to build on it."

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