Friday, December 08, 2023 1:42:38 PM
Aisha Malik
Thu, December 7, 2023 at 10:47 AM MST·2 min read
https://finance.yahoo.com/m/1d39b2c0-c1c6-372f-af4f-4bc4a2ab261b/amazon-will-no-longer-accept.html
Amazon is dropping Venmo as a payment option next month, the PayPal owned mobile payment service announced on its website. The official announcement comes as Amazon notified users last night via email that Venmo will no longer be accepted on Amazon.com starting January 10, 2024. Amazon will still, however, accept Venmo debit and credit cards.
"Due to recent changes, Venmo can no longer be added as a payment method," Venmo's notice on its website reads. "Venmo will remain available to users who currently have it enabled in their Amazon wallet until 01/10/24. "
PayPal spokesperson Joshua Criscoe told TechCrunch in an email that “Venmo and Amazon have agreed to disable Venmo as a payment option to pay on Amazon at this time. Customers can continue to add their Venmo debit card or credit card to their Venmo wallet to pay on Amazon. We have a strong relationship with Amazon and look forward to continuing to build on it.”
Since the news was announced, PayPal's shares have dropped by around 2%.
The reversal comes just over a year after Amazon announced that it would start allowing customers to make payments through Venmo on its website. At the time, the online retail giant said it wanted to offer customers payment options that were convenient and easy-to-use.
For Venmo, the deal meant that the company could move beyond P2P payments and grow its revenue through transaction fees through retail purchases. Although the integration didn't roll out until October 2022, PayPal announced that it had reached a deal with Amazon back in 2021 that would allow users to pay with Venmo. It then took a year for the integration to roll out.
Amazon spokesperson Alyssa Bronikowski told TechCrunch in an email that "customers can still use nearly a dozen other payment options, such as debit cards, credit cards, checking accounts, or installments to pay for their orders.” Amazon offers different payment methods from networks like Visa, Mastercard, American Express, JCB, Discover and more.
"Then there was a woman, a lion of a woman."
Recent PYPL News
- Bitcoin Surges Post Jobs Report, Coinbase Reveals $1.2 Billion 1Q Net Profit, and More Crypto News • IH Market News • 05/03/2024 07:26:30 PM
- U.S. Index Futures Point to Mild Decline Ahead of Key Earnings and Fed Rate Decision • IH Market News • 04/30/2024 11:59:59 AM
- PayPal Reports First Quarter 2024 Results • PR Newswire (US) • 04/30/2024 11:31:00 AM
- Block Innovates Bitcoin Mining, DOJ Proposes 3-Year Prison for Changpeng Zhao, and More Crypto News • IH Market News • 04/24/2024 05:50:55 PM
- DMG Blockchain Solutions Announces Collaboration with PayPal to Decarbonize the Bitcoin Blockchain • GlobeNewswire Inc. • 04/24/2024 01:10:00 PM
- AKT Token Skyrockets on Upbit Listing, IBIT Holds Strong in Top 10 ETFs, and More Crypto News • IH Market News • 04/23/2024 04:34:08 PM
- Paramount’s Shares Surge Following Sony and Apollo’s Joint Bid; ISS Backs Berkshire Hathaway Director Re-election, and More • IH Market News • 04/19/2024 11:31:22 AM
- Analysts Sound Alarm on Fourth BTC Halving, Kraken Wallet Launch, and More Crypto News • IH Market News • 04/17/2024 05:45:22 PM
- Apple Terminates 614 Employees, Disney Unveils June Crackdown on Password Sharing, and More Updates • IH Market News • 04/05/2024 11:38:57 AM
- Crypto: Bitcoin Cash Surges Post-Halving, PayPal Launches PYUSD International Transfers and More Updates • IH Market News • 04/04/2024 07:15:41 PM
- Xoom Enables PayPal USD as a Funding Option for Cross-Border Money Transfers • PR Newswire (US) • 04/04/2024 01:00:00 PM
- PayPal Plans to Appoint Carmine Di Sibio to Board of Directors • PR Newswire (US) • 03/28/2024 08:15:00 PM
- PayPal Names Aaron J. Webster as Executive Vice President, Chief Enterprise Services Officer • PR Newswire (US) • 03/13/2024 01:15:00 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/07/2024 09:27:03 PM
- Tap to Pay on iPhone Now Available for Venmo and PayPal Zettle Businesses in the U.S. • PR Newswire (US) • 03/07/2024 03:00:00 PM
- PayPal Names Amy Bonitatibus as Chief Corporate Affairs and Communications Officer • PR Newswire (US) • 03/06/2024 06:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/04/2024 11:26:35 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/04/2024 11:19:28 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/04/2024 11:15:12 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/02/2024 01:25:04 AM
- Geoff Seeley Joins PayPal as Chief Marketing Officer • PR Newswire (US) • 02/26/2024 02:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/17/2024 12:44:37 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/17/2024 12:42:39 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/17/2024 12:39:40 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/17/2024 12:35:44 AM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM