What you need to know
- Amazon will allow users to pay for purchases with their Venmo balance starting next year.
- You will be able to use Venmo for purchases made on Amazon's website or its online shopping app.
- PayPal will still not be available to use as a payment method.
PayPal has announced that Amazon will begin accepting Venmo payments for online purchases next year, broadening the checkout options for users who use a third-party payment platform.
The collaboration between Amazon and PayPal, Venmo's parent company, will enable you to use your Venmo balance to pay for purchases made on desktops or mobile devices, including many of the best Android phones. You can also use a bank account that is linked to your Venmo account.
Amazon currently only accepts credit or debit cards, store cards, and checking accounts. For a complete list of accepted payment methods, visit this page. Venmo's inclusion on the list marks Amazon's first use of a third-party payment platform.
PayPal did not specify how Venmo will be integrated into Amazon's payment system. However, there are a few possibilities, such as displaying a dedicated Venmo payment button. Having said that, Amazon still does not support PayPal as a native payment method.
Darrell Esch, senior vice president and general manager of Venmo, said:
Over the last year, we have focused on giving our Venmo community more ways to use Venmo in their daily lives, including the ability to pay with QR Codes and providing more shopping features like purchase protections.We're thrilled to make it possible for our users and Amazon customers to pay with Venmo starting next year.
It remains to be seen whether the alliance will pave the way for the use of cryptocurrency to purchase items on Amazon. PayPal promised earlier this year to introduce a payment option to pay for items with cryptocurrency.
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