Amazon integrates Venmo as one of its payments options
Amazon has announced that it has added Venmo as one of the payment options that users would be able to use when they checkout indirectly integrating Paypal into its service which will be mutually beneficial for both the companies.
Paypal is reported to have over 80 million users within the US and it is indeed a surprise that it has taken Amazon so long to integrate its service as a payment option. Even now, the integration is not with Paypal directly but with one of its services called Venmo but the output is likely to be the same. But the question remains on how many users would be using this service when making payments at Amazon as it has already integrated many more payment options which have been quite convenient to its users. Paypal has also been striving hard to upgrade its features and trying to add crypto and other payment methods to its platform to continue to remain strong in the competitive payments industry.
The payments industry has grown strongly during the pandemic period but that has also increased the attention of developers and investors which has led to a slew of new startups entering into this space and looking to innovate as much as possible. We have also been seeing the growth of the BNPL product across the world and this has posed a lot of challenges to the existing players like Paypal. The growth of crypto has also posed a challenge to the payments industry which Paypal has taken head-on with its crypto payments product.
But Amazon has shut down rumors so far of its entry into the crypto and blockchain space but it may not be able to stay off the crypto industry for too long into the future.
“Today’s announcement is solely about enabling Venmo customers in the U.S. to pay with Venmo at checkout. We look forward to continuing to grow this relationship but have nothing more to share at this time,” the company said.
This announcement has made it unclear whether the crypto product with Paypal would also be introduced as one of the payment options at Amazon and that is also something that we will have to wait and see.
