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Amazon will no longer accept 'Venmo' as a payment method

Amazon will no longer accept 'Venmo' as a payment method with users able to continue using it until January 10, 2024
Venmo Payment method

Venmo Payment Method Amazon app

Amazon has announced that Venmo will no longer be accepted as a payment method on the platform, with users able to continue using it until January 10, 2024. This statement was officially announced on its website and The official announcement comes as Amazon notified users last night via email that Venmo will no longer be accepted on Amazon.com.

Amazon will still, however, accept Venmo debit and credit cards. Other payment methods like credit and debit cards, checking accounts, and Venmo debit/credit cards can still be used on Amazon.

Bank-funded transactions may take 1-3 business days to appear on statements. Venmo app users can change payment methods for future purchases through the Venmo app. The change impacts the use of Venmo itself, but Venmo debit and credit cards are still acceptable on Amazon.

Payment methods can be changed on Amazon by navigating to the account page and clicking on "Your payments."

Unauthorized online purchases should be reported to Venmo for account security and dispute resolution. The refund amount and processing time depend on the merchant's policies.

Since the news was announced, PayPal's shares have dropped by around 2% since the announcement. 

Venmo, a payment platform, partnered with Amazon to expand its revenue through retail purchases. The integration, which took a year to roll out, allowed Venmo to expand beyond P2P payments and boost its revenue through transaction fees.

This decision reverses Amazon's move from just over a year ago to allow payments through Venmo.

Customers can still use nearly a dozen other payment options on Amazon, including debit cards, credit cards, checking accounts, or installments.

Why did Amazon drop Venmo?

Amazon dropped Venmo as a payment option due to recent changes. Venmo announced on its website that it can no longer be added as a payment method on Amazon.com starting January 10, 2024. Despite this, Amazon will still accept Venmo debit and credit cards. The decision to disable Venmo as a payment option was a mutual agreement between Venmo and Amazon.

Amazon offers different payment methods from networks like Visa, Mastercard, American Express, JCB, Discover and more.

SOURCE: TECHCRUNCH
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