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Amazon introduces a new payment option for its customers and said that starting Tuesday, Oct. 25, they can pay with Venmo upon checkout for their purchases. However, only select customers will see the option since it is still in the initial stage.
The checkout using Venmo as the payment option will be available in both online and mobile app set-up. This can be used instead of credit cards, and Amazon said that customers in the United States would be able to use the service by Black Friday, the busiest shopping day of the year, which falls on Nov. 25 this year.
As per CNN Business, users must add Venmo as one of the payment methods in their Amazon account. At the checkout, customers may simply check it as the option they prefer when paying.
The addition of this new payment is said to be part of the e-commerce giant’s plan to expand its checkout payment methods so customers will have more choices and pick the one that suits them the best. This is the latest new feature after Amazon included the buy now, pay later scheme for purchases worth more than $50. The company teamed up with Affirm for this BNPL offer last year.
“Starting to roll out to select Amazon customers today, Venmo will be available to United States customers by Black Friday,” Paypal stated in a press release. “The option to pay with Venmo on Amazon brings the familiarity and trust you know and love about using Venmo to the Amazon shopping experience.”
The company went on to say, “Whether it’s restocking household essentials or purchasing a last-minute gift, we know that Venmo users shop over two times more frequently than the average shopper and are 19% more likely to make repeat purchases1, which makes paying with Venmo the perfect fit for the avid Amazon shopper.”
Meanwhile, shares of Paypal, which owns Venmo, was said to have soared by seven percent on Tuesday after the announcement of its team-up with Amazon, and this may be an indication of a positive response from the public.
