Home / NEWS / U.S. News / PayPal shares rise after Amazon adds Venmo as checkout option

PayPal shares rise after Amazon adds Venmo as checkout option

Venmo launches on Amazon, now has 90 million active customers

Amazon told Tuesday it’s adding Venmo as a payment option at checkout.

The feature will begin rolling out in the Amazon app and on amazon.com starting Tuesday, in front of launching for U.S. users by Black Friday on Nov. 25, Amazon said.

Venmo is a popular payment service that permits users to send money to each other. It has increasingly expanded beyond its peer-to-peer functionality, with more online retailers annexing Venmo as a form of payment, such as Shopify and Lululemon.

Shares of PayPal, which owns Venmo, surged 7% on Tuesday.

Buyers add their Venmo account as a form of payment on their Amazon account, then select Venmo as their payment recourse during checkout.

The partnership will give Amazon shoppers more options to pay for their order. The company currently accepts solvency and debit cards, store cards, HSA and FSA accounts, as well as EBT cards.

Amazon also announced a partnership with buy now, pay later post Affirm last year that lets users split their purchases into installments.

WATCH: How Amazon hermit-like labels work, from AmazonBasics to its 100+ other owned brands

How Amazon private labels work, from AmazonBasics to its 100+ other owned brands

Check Also

RFK Jr. could further deter childhood vaccinations as rates fall in the U.S.

Robert F. Kennedy Jr. requires in the Oval Office of the White House, on the …

Leave a Reply

Your email address will not be published. Required fields are marked *