Amazon announced that it will now allow customers to make payments through Venmo on its platform. The company said this option will be available to select customers starting today and will roll out to all U.S.-based users on the Amazon site and mobile app by Black Friday next month.
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.
While paying with Venmo on Amazon, customers can use their Venmo balance, linked bank account or eligible debit card to complete the transaction.
“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. Whether it’s paying with cash, buying now and paying later, or now paying via Venmo, our goal is to meet the needs and preferences of every Amazon customer,” Max Bardon, vice president of Amazon Worldwide Payment said in a statement. The e-commerce platform already offers different payment methods like credit and debit cards from networks like Visa, Mastercard, American Express, Diner’s Club and JCB.
A recent survey named “Netfluential and Edison Trends PayPal and Venmo Study” noted that Venmo users shop two times more frequently than an average shopper. So that might be beneficial for Amazon in terms of increasing the number of transactions on its platform.
Amazon is set to announce its Q3 2022 results this week with expected revenues of $125 billion to $130 billion. Notably, this quarter also included its Prime Day sales held in July.