Venmo will no longer be a direct payment option on Amazon.com Inc.’s site beginning in mid-January, the companies said.
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AMZN,
rolled out a Venmo payment option last fall, giving users the ability to add their Venmo accounts to their Amazon profiles and use that for transactions. Now that option will be going away on Amazon’s website and mobile app starting Jan. 10.
“Customers can still use nearly a dozen other payment options, such as debit cards, credit cards, checking accounts, or installments to pay for their orders,” Amazon said in a statement Thursday.
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A spokesperson for PayPal Holdings Inc.
PYPL,
which operates Venmo, said that the two companies “have agreed to disable Venmo as a payment option to pay on Amazon at this time.” Customers can still add their Venmo credit or debit cards to their Amazon wallets to pay on Amazon, the spokesperson said.
“We have a strong relationship with Amazon and look forward to continuing to build on it,” PayPal’s statement continued.
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PayPal is looking to refocus its business under its new leadership. Chief Executive Alex Chriss said on its latest earnings call that the company has been “doing too many things.”
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Shares of PayPal ended Thursday’s session down 1.8%, while shares of Amazon closed up 1.6%.
