A rare partnership from the online retailer. Having recently parted ways with eBay, PayPal is now back to working with a major e-commerce. Ellis noted that PayPal has consistently dominated the checkout button wars, growing total payment volume at around a 22 compound annual growth rate over the past five years (excluding eBay. In 2022, Amazon will begin accepting Venmo, Venmo parent company PayPal announced during its Q3 earnings call on Monday. It’s not clear if that will allow you to effectively purchase Amazon items with cryptocurrency, though. Starting this year, Amazon (AMZN 3.15) customers in the U.S. Venmo, like PayPal, recently added support for popular cryptocurrencies. (Maybe you’ll have to deposit Venmo money into your Amazon balance first?) It’s possible that Amazon will surface it as a full-fledged payment mechanism by offering an entire Pay with Venmo option, or it’s possible it will try to maintain more control by requiring you to integrate Venmo with its own Amazon Wallet. If youre only looking to accept online payments, though, Amazon Pay might offer a better deal since it carries lower per-transaction fees than PayPal Checkout. The company didn’t provide a more specific timeframe or any details about how those transactions might work, saying on the earnings call that PayPal was “still working” with Amazon on the details. Venmo, by comparison, acts more like a bank account for some mobile users, complete with a (sometimes expensive) check-cashing feature.ĭetails on the Amazon partnership are scarce right now, but if you’ve got a US Venmo account, PayPal says you’ll be able to use it to make purchases at both Amazon’s website and its mobile app starting in 2022, and you’ll be able to use either your Venmo balance or a linked bank account to pay. You might cite Amazon’s recent buy-now, pay-later partnership with Affirm, but that still requires credit. You can’t use PayPal itself to buy things on Amazon! (Here’s a list of the payment methods Amazon does accept as of today). We’re pretty sure that’s the first third-party payments platform Amazon has embraced in recent memory. Venmo parent company PayPal announced the news (via GeekWire) during its Q3 earnings call on Monday. If you want to buy anything on, you’ll generally need a credit or debit card - but in 2022, the online retailer will begin accepting Venmo as well.
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