Benzinga - by Michael Cohen, Benzinga Editor.
Amazon.com Inc (NASDAQ: AMZN) has announced that it will stop accepting PayPal Holdings Inc's (NASDAQ: PYPL) Venmo as a payment method for subscriptions starting January 2024.
As a result of this policy change, Amazon customers who have been using Venmo will need to explore other payment methods available on the platform. US Clear News reports that this move necessitates a reevaluation of preferred payment methods by Amazon's customers.
Also read: Is Amazon Gearing Up for a Fashion Showdown? Drastic Fee Cuts Signal a New Retail Battlefront
To facilitate a smooth transition, Amazon has proactively advised its customers to update their payment preferences. Customers are encouraged to visit the “Your Payments” section on their Amazon account page to make necessary adjustments.
This proactive approach is aimed at ensuring that there is no disruption to the shopping experience of Amazon users.
Despite the discontinuation of Venmo in its traditional form, Amazon has clarified that Venmo's debit and credit cards can still be linked to Amazon accounts. This provides a continued convenience for users who prefer Venmo as their payment service.
The broader implications of Amazon's decision are significant for the e-commerce industry. Industry experts suggest that this move by the world's largest online retailer could prompt other e-commerce platforms to reassess their acceptance of Venmo, US Clear News reports.
Now Read: Amazon's Rigid Return-To-Office Policy Triggers Employee Exodus: Report
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.