"Amazon Discontinues Venmo As A Payment Option Effective January 10, 2024" - Clear News
Portfolio Pulse from Benzinga Newsdesk
Amazon has announced it will stop accepting Venmo as a payment method for subscriptions starting January 10, 2024. The company has advised customers to update their payment options in the 'Your payments' section of their account. While Venmo in its current form will be discontinued, Venmo's debit and credit cards can still be used on Amazon. This decision may influence other e-commerce platforms to reassess their payment methods and reflects the evolving nature of digital payments.
December 07, 2023 | 3:16 pm
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NEUTRAL IMPACT
Amazon will discontinue Venmo as a payment option for subscriptions from January 2024, advising customers to switch to other payment methods.
Amazon's decision to discontinue Venmo may have a neutral short-term impact on its stock as it may not significantly affect overall sales or customer convenience, given the availability of alternative payment methods.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 80
NEGATIVE IMPACT
Venmo, owned by PayPal, will no longer be accepted as a payment method on Amazon, potentially affecting its usage on other e-commerce platforms.
The removal of Venmo as a payment option on Amazon could negatively impact PayPal's short-term stock performance due to potential reduced usage and visibility on the leading e-commerce platform.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 70