PayPal’s stock fell when Amazon dropped Venmo as a payment option

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PayPal's stock fell when Amazon dropped Venmo as a payment option
PayPal's stock fell when Amazon dropped Venmo as a payment option

PayPal’s shares fall as Amazon will no longer accept Venmo payments beginning January 10, according to a message provided to consumers

Amazon informed users late Wednesday that it will shortly discontinue supporting Venmo as a payment method. 

According to an email given to Amazon customers, the business will no longer accept Venmo payments beginning January 10. According to the message, Amazon will continue to accept Venmo debit and credit cards. Venmo revealed the change in a separate announcement on its website.

“Due to recent changes, Venmo can no longer be added as a payment method,” the business said. “Venmo will remain available to users who currently have it enabled in their Amazon wallet until 01/10/24.”

PayPal shares, which own Venmo, fell 1.7% on Thursday.

The change is a sharp reversal. Last October, Amazon announced that it would add Venmo as a payment method at checkout, giving customers more ways to pay for their goods. Venmo is a popular payment service that allows users to send money to one another quickly.

A spokesman for Amazon confirmed the move and stated that customers will still be able to utilize “nearly a dozen other payment methods.” The firm did not explain why it is discontinuing Venmo as a payment mechanism.

In a statement, a Venmo spokeswoman stated that the firm and Amazon agreed to remove the payment option, adding, “We have a strong relationship with Amazon and look forward to continuing to build on it.”

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