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Amazon has confirmed that it will be removing Venmo as a payment option at its checkout in early 2024.
The company said in an email to customers (seen on X) that it would be removing the PayPal-owned payment option from January 10, 2024, but offered little extra detail as to why.
The news comes a little over one year after the ecommerce giant rolled out support for Venmo wallets in October 2022, a year after the partnership was first uncovered.
Amazon cuts Venmo support
An update on Venmo’s website reads: “Due to recent changes, Venmo can no longer be added as a payment method. Venmo will remain available to users who currently have it enabled in their Amazon wallet until 01/10/24. ”
From January 10, customers will still be able to use their Venmo credit and debit cards, just as they would any other bank card, but they will be unable to directly link a Venmo account. Amazon supports Visa, Mastercard, Discover, American Express, Diners Club, and JCB cards, plus its own store card for select merchants.
Shares in PayPal (Venmo’s parent company) dropped from $60.22 to $58.17 in the day following Amazon’s email to customers, though they’re still down from the 2021 highs of more than $300.
Besides alerting customers to the change, Amazon shared no further information regarding the change.
A Venmo spokesperson told CNBC: “We have a strong relationship with Amazon and look forward to continuing to build on it.”
TechRadar Pro has asked Venmo and Amazon for further comments, but neither responded immediately.
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