Just before the start of the holiday season, Amazon announced it will now allow users to pay using Venmo. The e-commerce giant first announced its partnership with Venmo last year, stating it will start accepting payments in 2022. As per Amazon, this option will be available to select users from today and will be available to all US-based users by next month before Black Friday. The payment option will be available using Amazon and its iOS and Android mobile apps.
Venmo is a mobile payment service that provides free peer-to-peer transfer of money from a bank account, debit card, or an existing Venmo balance. It is the favorite payment app of young adults because of its convenience. Once set up, sending money with Venmo is as easy as entering the name of the business you’re paying, tapping Pay or Request, entering an amount, a note about what it’s for, and clicking Pay.
Venmo has nearly 90 million users, and its rise can be credited to the fact that standard Venmo services like sending money to friends and family using a debit card or checking account are free of charge. However, Venmo does charge fees for processing transactions with a major credit card. A 3% processing fee is added to every transaction paid for using a credit card.
Venmo has been making a push into business payments like Uber. So, it’s not just friends and family paying each other back for dinner or concert tickets anymore. Now, you can use Venmo to pay for all sorts of goods on Amazon.
How to Pay using Venmo on Amazon
To pay using Venmo on Amazon, users will need to first add their Venmo account to Amazon. Now, during checkout, users can select “Select a payment method” and click on “Add a Venmo account.” This will take users to the Venmo app on their phones, where they have to complete the verification process. Users can use their linked bank accounts, debit cards, and Venmo balance to complete the purchase on Amazon.
“We want to offer customers payment options that are convenient, easy to use, and secure—and there’s no better time for that than the busy holiday season. Whether it’s paying with cash, buying now and paying later, or now paying via Venmo. Our goal is to meet the needs and preferences of every Amazon customer,” Max Bardon, vice president of Amazon Worldwide Payment said in a statement.
2022-10-26 15:07:46