Starting today, Amazon will begin offering PayPal’s Venmo service as a new payment option for shoppers in the US. A spokesperson for PayPal told EcommerceBytes that it will become available to all Amazon shoppers in the US by Black Friday.
Will this pave the way for Amazon to begin accepting PayPal on its marketplace? (We asked PayPal.) Now that eBay no longer owns PayPal, it’s an intriguing possibility.
PayPal CEO Dan Schulman posted what might be a hint on LinkedIn, in part: “This is a very significant moment in our Venmo monetization journey and marks the beginning of an exciting relationship with Amazon.”
In today’s announcement on Amazon’s newsroom page, Vice President of Amazon Worldwide Payments Max Bardon wrote, “We’re excited to continue to offer customers even more options when it comes to how and when they want to pay for their order.”
Amazon shoppers can add their Venmo account as a payment method to their Amazon account. Once added, customers can select Venmo as their payment option during checkout.
PayPal executive Doug Bland wrote, “We know that the Venmo community of nearly 90 million users value the safety, security, ease, and familiarity that paying with Venmo helps to bring to the checkout experience. The ability to pay with Venmo on Amazon continues our ongoing commitment to offer the community more ways to spend, send, receive, and manage their money with Venmo.”
In PayPal’s announcement, it cited a statistic that claims Venmo users shop over two times more frequently than the average shopper and are 19% more likely to make repeat purchases.
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