Amazon Adds Venmo as a Payment Option

Amazon announced on Tuesday that they are introducing Venmo as a payment option. 

Starting Tuesday, select customers will be able to make payments through Venmo on Amazon platforms. All U.S.-based customers will have access to the new payment option by Black Friday and the holiday season. 

TechCrunch explained how Amazon users can now pay through Venmo. “To pay through Venmo, users will need to first add their account. During checkout on Amazon, users can select “Select a payment method” and then “Add a Venmo account.” This will redirect them to the Venmo app, where they can complete the authentication. Users can also choose Venmo to be their default payment method for Amazon purchases on that screen.”

Vice President of Amazon Worldwide Payments, Max Bardon, gave reasoning for the collaboration in a statement. “We want to offer customers payment options that are convenient, easy to use, and secure — and there’s no better time for that than the busy holiday season.” 

The “Netfluential and Edison Trends PayPal and Venmo Study” revealed, “In a study of more than one thousand consumers who made an online purchase over a 2-week period, we found that shoppers are 19% more likely to complete a purchase with Venmo over traditional payment methods.” 

This partnership adds another form of payment to Amazon’s already vast options including credit and debit cards, store cards, HAS and FSA accounts, EBT cards as well as Affirm, a buy now and pay later service, according to CNBC.