PayPal To Join Hands With Amazon

PayPal recently declared the third quarter results and it isn’t looking to back down any time soon. Rather, there is a solid 13% increase in the year-over-year revenue which has led to some other serious announcements, one being the addition of Venmo while checking out for the Amazon users in the U.S.

The announcement came via PayPal and it was noted that with the addition of the well-known mobile payment services will be available in the beginning of 2022 and the users will be able to pay with Venmo through Amazon.com as well as the official shopping application. 

With both the parties looking to reap the benefits from this deal, PayPal has estimated around 80 million Venmo users in just the US and as per the recent research, 65% of the Venmo users increased their online purchasing through the pandemic and 47% prefer paying with Venmo when shopping through various platforms. 

Amazon’s Director of Global Payment Acceptance, Ben Volk, put out a statement citing “We understand our customers want options and flexibility in how they make purchases on Amazon”. Ben Volk also mentioned about the excitement to join hands with Venmo and allowing the esteemed customers to make payments through their Venmo accounts, adding to yet another payment option on Amazon.

PayPal is not presently supported as a payment option on Amazon.com but the much-awaited integration with Amazon could make a way for the crypto coming to the giant e-commerce company, one could hope. The announcement by PayPal in March noted that the US consumers will be able to check out through cryptocurrencies at almost every business as Venmo has also made an expansion in the cryptocurrency area, enabling the users to purchase crypto through cash-back from Venmo credit card purchases.

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