Starting next year, you'll be able to use the money anybody Venmos you to buy products directly from Amazon — so long as you live in the US. PayPal has announced that it has struck a deal with the e-commerce giant to allow US customers to pay with Venmo at checkout. It doesn't have an exact date for the feature launch, but when it does become available, you'll be able to pay either with your Venmo balance or your linked bank account.
Amazon typically only accepts credit/debit cards and gift cards for payment, and you can't even purchase from the website using PayPal itself. But when Venmo payments arrive next year, you'll be able to check out using the option not just on the Amazon website itself, but also on the mobile app. Ben Volk, Director of Global Payment Acceptance at Amazon, said in a statement: "We understand our customers want options and flexibility in how they make purchases on Amazon. We're excited to team-up with Venmo and give our customers the ability to pay by using their Venmo accounts, providing new ways to pay on Amazon."
We'll likely hear more about the payment option the closer we get to its availability. PayPal made its announcement alongside the release of its third quarter earnings results for 2021, wherein it reported a $6.18 billion net revenue that's 13 percent higher than the same period last year. The company said it's off to a solid start in the fourth quarter but that growth rates still remain slightly below its expectations.
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Unfortunately, Amazon doesn't directly accept payment through Venmo (or Venmo's sister payment service, PayPal).
Part of the reason for this is historical – PayPal has always had a strong relationship with eBay — and was once owned by eBay — which Amazon has always treated as a direct competitor.
But that is not the entire story. It's possible to use Venmo to make purchases on Amazon using a Venmo Card.
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How to use a Venmo Card to make Amazon purchases
Venmo offers a Mastercard debit card with which you can use to make purchases using your Venmo app balance. It's a physical debit card that you can carry in your wallet or purse, and use it at any store in the US that accepts Mastercard.
But more importantly, you can add the Venmo Card to your Amazon account and use it to make purchases as a debit card.
1. To get a Venmo card, start the Venmo app on your phone and then tap the three horizontal lines at the top left of the screen.
2. In the menu, tap "Venmo Card."
3. Then tap "Get the Venmo Card" and follow these instructions to request your Venmo Card.
Friend finally pay you back for picking up burritos? Now you can buy something on Amazon.Image: Venmo
Amazon’s adding a new payment option: Venmo. Starting on Tuesday, some customers in the US will be able to pay for orders using the popular money sending and receiving service, with availability in the country rolling out by Black Friday, or November 25th.
Using Venmo to pay for an Amazon order is relatively simple; to set it up as a payment method, tap “Select a Payment Method” during checkout and then “Add a Venmo account.” From there, you’ll be prompted to authorize Amazon to use your Venmo account and to choose where you want it to pull money from your balance, linked bank account, or eligible debit card. After agreeing, Amazon will ask you if you want to set it as your default payment method, and you can choose to pay with it whenever you’re ordering with the Amazon app or website.
Related
- You’ll be able to pay for Amazon purchases with Venmo starting in 2022
PayPal, Venmo’s parent company, announced that this was coming late last year, but now, we’re finally getting to see it in action; it’s not every day that Amazon adds a third-party payment option to its service. We can also answer whether this means you can pay for, say, an Echo speaker with crypto: no, according to PayPal spokesperson Tom Hunter.
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