Amazon has announced that customers will be able to make payments on its platform using Venmo. This option will be available to select customers beginning today and will be available to all US-based users on the Amazon website and mobile app by Black Friday next month.
To pay with Venmo, users must first add their account. Users can choose “Select a payment method” and then “Add a Venmo account” during the checkout process on Amazon. This will take them to the Venmo app, where they can finish the authentication process. On that screen, users can also select Venmo as their default payment method for Amazon purchases.
Customers can use their Venmo balance, linked bank account, or eligible debit card to complete the transaction when paying with Venmo on Amazon.
“We want to provide customers with payment options that are convenient, simple to use, and secure—and there’s no better time than the busy holiday season to do so.” “Whether it’s paying with cash, buying now and paying later, or now paying with Venmo, our goal is to meet the needs and preferences of every Amazon customer,” said Max Bardon, vice president of Amazon Worldwide Payment. The e-commerce platform already accepts credit and debit cards from networks such as Visa, Mastercard, American Express, Diners Club, and JCB.
According to a recent survey titled “Netfluential and Edison Trends PayPal and Venmo Study,” Venmo users shop twice as frequently as the average shopper. As a result, Amazon may benefit from an increase in the number of transactions on its platform.
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Amazon is expected to report third-quarter 2022 revenue of $125 billion to $130 billion this week. Notably, this quarter included its July Prime Day sales.