![]() Amazon One and Amazon One-Click are competing options to PayPal and Venmo acceptance, positioning Venmo as competition, Crone said. The navigation to pay on Amazon with Venmo took more steps than other Amazon third-party payment providers such as Affirm, according to Richard Crone, a payments consultant. But having this announcement so quickly is not ideal for PayPal and Venmo." "Venmo has not caught on significantly for consumer payments," Keyes said. ![]() But it's still looking for traction, according to Keyes. ![]() PayPal has also added Fiserv as a partner to boost business payments via Venmo. ![]() PayPal has also enabled cryptocurrency trading in Venmo as a way to grow users Venmo has about 80 million users, according to app tracker DooFinder. Though much of the news coverage of this breakup emphasizes the downside for PayPal, it's possible that the Amazon relationship simply wasn't a priority to PayPal's new management.Īlex Chriss, PayPal's current CEO, said in a recent earnings call that PayPal has a cost base that's "too high" and a focus that is "not clear." Part of PayPal's recovery plans under Chriss include adding features to Venmo that enable groups to track, manage and settle expenses. Customers can still use nearly a dozen other payment options, such as debit cards, credit cards, checking accounts, or installments to pay for their orders." We have a strong relationship with Amazon and look forward to continuing to build on it."Īmazon's PR office referred questions to the company's prepared statement: "Starting January 10, 2024, Venmo will no longer be accepted on or the Amazon mobile app. Customers can continue to add their Venmo debit card or credit card to their Amazon wallet to pay on Amazon. In an email, PayPal's public relations office said: "Venmo and Amazon have agreed to disable Venmo as an option to pay on Amazon at this time. But there was no indication that service issues caused the cancellation. The Venmo announcement was made on a part of its site that included questions about Amazon payments such as information about multiple transactions for a single purchase, or what to do when unauthorized purchases show up on a Venmo account. There was not a lot of detail about why the relationship, which launched in October 2022, will end in January, 15 months after launch. "Later this year, we will add the ability for a Venmo user to pay a PayPal user and vice versa, bringing more utility to both customer bases … our Amazon and Starbucks experiences continue to grow nicely, and we recently launched PayPal and Venmo with McDonald's and just signed a deal with Microsoft to launch both Pay with Venmo and buy now/pay later for Microsoft's Xbox store," Schulman said at the time. In PayPal's first-quarter earnings call in May 2023, Schulman reiterated the importance of the relationship. "The idea of Amazon was an exciting place for Venmo to tap into new payments."Īs early as PayPal's third-quarter earnings call in November 2021 - shortly after the Amazon Venmo partnership had been announced - then-CEO Dan Schulman said: "This is obviously a very significant moment in our Venmo monetization efforts and marks the beginning of an exciting journey with Amazon." "It's not a good look for PayPal and Venmo," said Daniel Keyes, a senior analyst at Javelin Strategy & Research.
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