Tech

Amazon Officially Drops Venmo as Payment Option, PayPal Shares Slide

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Amazon and Venmo just ended their long-term partnership, sending out a message saying the giant will stop accepting Venmo payments.

Amazon just sent out a message saying the Big Tech giant is going to stop accepting Venmo as a payment option pretty soon, starting January 10th.

But if you’ve got a Venmo debit or credit card, you’re still in luck, they’re keeping those.

Venmo put up a notice on their site too. They’re saying that, from now on, you can’t add Venmo as a new payment method on Amazon. But if you’ve already got it set up in your Amazon wallet, you’re good to use it until the 10th of January next year.

This news seems to have shaken things up a bit for PayPal, given they own Venmo. Their shares actually went down by 1.7% on Thursday.

This whole thing is a bit of a turnaround, actually. Just last October, Amazon was all about adding Venmo as a payment method to give us more options at checkout. It’s pretty popular for sending money back and forth quickly.

An Amazon representative did confirm they’re making this change, revealing that users can still use a bunch of other payment methods, though they didn’t really say why they’re ditching Venmo.

A spokesperson from Venmo told CNBC that they decided with Amazon to turn off the Venmo payment option. They mentioned something about still having a strong relationship with Amazon and looking forward to what’s next. So, who knows? Maybe there’s more to come.

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