Amazon To End Venmo Payment Option For Subscriptions In 2024: What Customers Need To Do
Portfolio Pulse from Michael Cohen
Amazon.com Inc (NASDAQ:AMZN) will discontinue accepting Venmo, owned by PayPal Holdings Inc (NASDAQ:PYPL), for subscriptions starting January 2024. Customers using Venmo must switch to other payment methods on Amazon. Venmo's debit and credit cards will still be usable on Amazon accounts. The decision could influence other e-commerce platforms' payment options.
December 07, 2023 | 4:05 pm
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NEGATIVE IMPACT
PayPal's Venmo will no longer be accepted for Amazon subscriptions from 2024, which could slightly reduce its usage on the platform, but the impact is mitigated as Venmo cards remain an option.
While the removal of Venmo as a direct payment option for Amazon subscriptions may slightly decrease its usage, the ability to use Venmo debit and credit cards on Amazon mitigates the potential negative impact. The effect on PayPal's overall business is likely limited, as this is a specific use case and customers have alternative methods to use Venmo services.
CONFIDENCE 75
IMPORTANCE 30
RELEVANCE 60
NEUTRAL IMPACT
Amazon's decision to end Venmo payments for subscriptions may prompt users to update payment methods, but the impact is likely minimal as Venmo cards are still accepted.
Amazon's decision to stop accepting Venmo for subscriptions is a specific change that may require action from a subset of customers. However, since Venmo cards are still accepted, the overall impact on Amazon's business is likely neutral. The change may not significantly affect customer behavior or Amazon's revenue.
CONFIDENCE 80
IMPORTANCE 40
RELEVANCE 70