Yahoo Finance Amazon Adds Venmo as a Payment Option — Here’s How It Works
It’s no secret that Amazon wants to make it as easy as possible for customers to order and pay for the millions of products on its site, and now the online retail giant has added another payment option: Venmo.
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On Monday, Amazon announced that it will begin offering Venmo as a new payment option for orders placed on Amazon.com and the Amazon mobile app. Amazon also will provide the Venmo community with another store to shop for their holiday gifts using their Venmo accounts.
The Venmo rollout began earlier this week to select Amazon customers and will be available to all U.S. customers by Black Friday, which falls on Nov. 25, 2022.
“We want to offer customers payment options that are convenient, easy to use, and secure — and there’s no better time for that than the busy holiday season,” Max Bardon, vice president of Amazon Worldwide Payments, said in a news release. “Whether it’s paying with cash, buying now and paying later, or now paying via Venmo, our goal is to meet the needs and preferences of every Amazon customer. We’re excited to continue to offer customers even more options when it comes to how and when they want to pay for their order.”
To get started, Amazon customers will need to add their Venmo accounts as a payment method to their Amazon accounts. Once your account is added, you can select Venmo as your payment option during checkout. You can also select Venmo as your default payment option after adding your Venmo account.
The new partnership is a big deal for PayPal-owned Venmo because of the massive customer reach on Amazon, which has about 147 million Prime customers in the U.S. alone, according to Business of Apps.
“The ability to pay with Venmo on Amazon continues our ongoing commitment to offer the community more ways to spend, send, receive, and manage their money with Venmo,” said Doug Bland, a senior VP and head of consumer at PayPal.
Venmo transactions will be protected by Amazon’s back-end technology as well as Venmo Purchase Protection.
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The partnership should give Amazon a nice boost as well. As TechCrunch reported, a recent survey that appeared on the PayPal website noted that Venmo users shop two times more frequently than the average shopper, meaning Amazon should see a rise in transactions on its platform.
Amazon is slated to announce its third-quarter 2022 financial results on Thursday, Oct. 27. The company is expected to post net sales between $125 billion and $130 billion, a gain of 13% to 17% from the previous year, Yahoo Finance reported.
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This article originally appeared on GOBankingRates.com: Amazon Adds Venmo as a Payment Option — Here’s How It Works
