Amazon will soon stop letting you pay using Venmo
Amazon has confirmed that it will remove Venmo as a payment option at checkout in early 2024.
The company said in an email to customers (seen at X) that it would be removing PayPal's payment option starting January 10, 2024, but offered few additional details on why.
The news comes just over a year after the e-commerce giant rolled out support for Venmo wallets in October 2022, a year after the partnership was first discovered.
Amazon is cutting back on Venmo support
An update on Venmos website reads: “Due to recent changes, Venmo can no longer be added as a payment method. Venmo will remain available until 1/24/2010 for users who currently have it enabled in their Amazon wallets. ”
As of January 10, customers can still use their Venmo credit and debit cards just like any other bank card, but they won't be able to directly link a Venmo account. Amazon supports Visa, Mastercard, Discover, American Express, Diners Club and JCB cards, plus its own store card for select merchants.
Shares in PayPal (Venmo's parent company) fell from $60.22 to $58.17 the day after Amazon's email to customers, though they are still down from 2021 highs of over $300.
Besides alerting customers to the change, Amazon shared no further information about the change.
This is what a Venmo spokesperson said CNBC: “We have a strong relationship with Amazon and look forward to building on it.”
Ny Breaking reached out to Venmo and Amazon for further comment, but neither immediately responded.