Amazon have announced a partnership with Paypal that means more than 80 million users in the U.S. will be able to pay with Venmo at checkout using funding methods that include their linked bank account and Venmo balance.
Venmo, owned by PayPal, is a mobile digital wallet that offers its users a social way to make a purchase, split payments or pay friends on Venmo, bypassing the need for cash. Venmo users can choose to share what they’re buying with their network, which can then view, comment on and like the purchases in their feed. Venmo has quickly gained traction as one of the most popular peer-to-peer (P2P) payment methods, especially with millennials, and it’s also being used by US retailers as a direct payment option.
Starting next year, customers will be able to make purchases on Amazon.com and the Amazon mobile shopping app in the U.S. using their Venmo accounts.
“Over the last year, we have focused on giving our Venmo community more ways to use Venmo in their daily lives, including the ability to pay with QR Codes and providing more shopping features like purchase protections. We’re thrilled to make it possible for our users and Amazon customers to pay with Venmo starting next year.”
– Darrell Esch, Senior Vice President and GM, Venmo
A recent Behavior study revealed that 65 percent of Venmo users said they increased their online purchasing behaviors amidst the pandemic and 47 percent are interested in paying with the payment option when checking out with merchants. Venmo has been enhancing offerings to expand the ways that it can be used by both consumers and merchants and today’s news widely increases availability of Venmo at checkout.
“We understand our customers want options and flexibility in how they make purchases on Amazon. We’re excited to team-up with Venmo and give our customers the ability to pay by using their Venmo accounts, providing new ways to pay on Amazon.”
– Ben Volk, Director of Global Payment Acceptance, Amazon
