Amazon to Accept Venmo Payments in 2024

Amazon to Integrate Venmo as a Payment Option

PayPal has revealed that Amazon.com will incorporate a Venmo payment option for customers within the United States, beginning in the coming year.

Strong Third Quarter Results for PayPal

This announcement coincided with the release of PayPal’s robust third quarter financial results, showcasing a 13% increase in revenue compared to the same period last year.

Venmo Availability on Amazon Platforms

Starting sometime in 2022, shoppers on Amazon will gain the ability to connect their Venmo accounts for purchases made through both the Amazon.com website and the Amazon mobile shopping application.

Amazon’s Perspective on Payment Flexibility

“We recognize that our customers desire choices and adaptability in their purchasing methods on Amazon,” stated Ben Volk, Amazon’s Director of Global Payment Acceptance. “We are pleased to collaborate with Venmo and offer our customers the convenience of paying with their Venmo accounts, thereby expanding payment options on Amazon.”

Mutual Benefits of the Partnership

This agreement is demonstrably advantageous for both companies involved. PayPal currently boasts over 80 million users in the U.S. alone.

Venmo User Behavior and Online Purchasing

A recent internal study conducted by PayPal indicates that 65% of Venmo users reported an increase in their online shopping activity during the pandemic, and 47% expressed interest in utilizing Venmo for merchant checkouts.

Expanding Amazon’s Payment Options

The extent to which this service will be adopted by Amazon users, who have historically relied on credit card payments, remains to be seen.

Amazon’s existing payment methods encompass credit or debit cards, store cards, checking accounts, HSAs or FSAs, and EBT cards.

Notably, PayPal itself is not currently a natively supported payment option on Amazon, making the addition of Venmo a significant achievement for PayPal.

Potential for Cryptocurrency Integration

The integration of PayPal with Amazon could potentially introduce a long-awaited cryptocurrency element to the multinational e-commerce platform.

PayPal and Venmo’s Cryptocurrency Features

In March, PayPal announced that U.S. consumers could utilize cryptocurrencies for purchases at millions of businesses.

Venmo has also recently broadened its cryptocurrency support through new features enabling users to acquire cryptocurrency using cash-back rewards from their Venmo credit card.

Amazon’s Stance on Cryptocurrency Payments

However, this remains largely aspirational at present. While Amazon is actively recruiting for a head of digital currency and blockchain technology, the company recently dismissed rumors regarding plans to accept cryptocurrency as direct payment.

Current Limitations of Cryptocurrency Integration

In a statement to TechCrunch, PayPal clarified that the forthcoming partnership does not currently encompass cryptocurrency, due to Venmo’s limited integration with these currencies.

“This announcement focuses solely on enabling Venmo customers in the U.S. to pay with Venmo at checkout,” PayPal stated. “We anticipate further growth in this relationship but have no additional details to share at this time.”