Amazon Stops Accepting Venmo as a Method for Transactions
PayPal's shares experienced a 2% drop following the announcement that Venmo, the mobile payment service owned by the company, will no longer be accepted as a payment method on Amazon, starting January 10, 2024. The integration of Venmo as a payment option on Amazon, which officially rolled out in October 2022, was a result of a collaboration between the two companies announced in 2021. The partnership was intended to expand beyond peer-to-peer payments and generate revenue through transaction fees from retail purchases. However, the decision to disable Venmo as a payment method on Amazon was a mutual agreement between the two parties. Customers can still use their Venmo debit or credit cards added to their Venmo wallets to make purchases on Amazon, but direct integration with the payment service will cease. Amazon supports a variety of payment methods, including major networks such as Visa, Mastercard, American Express, JCB, Discover, and more. The tech giant also offers nearly a dozen alternative payment options for customers, including debit cards, credit cards, checking accounts, and installment payments. Amazon spokesperson Alyssa Bronikowski assured customers that they have a variety of choices for completing their orders. Users were notified via email about this change. In addition to Amazon, eBay announced that it will no longer accept Venmo as a payment method on its platform starting January 10, 2024. This development may affect thousands of users who have been using Venmo for their online transactions. Despite this setback, Venmo debit and credit cards will still be accepted on Amazon, providing a workaround for users who prefer to use Venmo for their purchases. The company encourages users to review their payment options and choose the one that best suits their needs.
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