Amazon dropped a bombshell on Thursday, announcing that Venmo will no longer be a payment option starting January 10. This sudden change means that users will no longer be able to use Venmo at checkout.
According to Amazon’s statement, Venmo will still be available to users who already have it enabled in their Amazon wallet until 01/10/24, but after that, it’s game over.
The news had an immediate impact on the markets, with CNBC reporting a 2% drop in PayPal’s stock after the announcement.
This decision comes just over a year after Amazon initially introduced Venmo as a payment option, touting it as “the best fit for the loyal Amazon shopper.” Despite the abrupt about-face, Amazon has not publicly explained the reasoning behind this move.
However, in the midst of this upheaval, Amazon made it clear that Venmo credit cards will still be accepted moving forward, offering some semblance of continuation amidst the chaos.
