Amazon is adding a Venmo payment option next year – TechCrunch

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PayPal announced today that Amazon.com will add a Venmo option to pay for users in the US, starting next year. The news came as the online payments giant announced strong third-quarter results, with a 13% year-on-year increase in revenue.

Starting sometime in 2022, Amazon shoppers will be able to link their accounts to popular mobile payment services for purchases made through Amazon.com and the company’s mobile shopping app.

“We understand that our customers want choice and flexibility in the way they shop at Amazon,” said Ben Volk, Amazon’s Director of Global Payment Acceptance, in a statement. “We are excited to partner with Venmo and give our customers the ability to pay using their Venmo accounts, providing new forms of payment on Amazon.”

Without a doubt, the deal is mutually beneficial for both parties. As PayPal points out, it currently has more than 80 million users in the US alone. The company also cites a recent internal “behavior study” It notes, “65% of Venmo users said they increased their online shopping behaviors amid the pandemic and 47% are interested in paying with Venmo when consulting with merchants.”

The broader question is how widely the service will be used for Amazon users who have so far had little trouble relying on payment on credit. Your current list of payment options includes credit or debit cards, store cards, checking accounts, HSA or FSA, or EBT cards. It’s worth mentioning, however, that PayPal is currently not natively supported as an in-service payment option, so the onboarding of Venmo is a good win for the company.

Talking in general, PayPal’s imminent integration with Amazon could bring a long-awaited crypto advantage to the multinational e-commerce company. Maybe.

PayPal announced in March that American consumers would be allowed to pay at millions of cryptocurrency-using businesses, while Venmo recently expanded its support for cryptocurrencies through new features that allow users to to buy cryptocurrencies by reimbursing Venmo credit card purchases.

But that may be more of a vision than a reality right now. While Amazon is hiring a head of digital currency and blockchain technology, also recently turn off the rumors about plans that you can start accepting cryptocurrencies as payments. In a statement to TechCrunch, PayPal hinted that the upcoming partnership does not yet include crypto, due to Venmo’s currently limited integration with currencies.

“Today’s announcement is just about allowing Venmo customers in the US to pay with Venmo at checkout. We hope to continue growing this relationship, but we have nothing more to share at this time, ”the company said in a statement.

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