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You’ll be able to use Venmo to buy stuff on Amazon starting from next year, PayPal says

Business
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Starting in 2022, Venmo users can pay for Amazon purchases with their Venmo accounts.

  • PayPal, which owns payment app Venmo, said Monday it struck a deal with Amazon.
  • From 2022, Venmo users will be able to buy things on Amazon using Venmo.
  • This marks the end of a deal with eBay which blocked Venmo from doing business with competitors.

Popular mobile payment app Venmo is teaming up with Amazon.

Venmo’s parent company PayPal announced during its Q3 earnings call Monday that it struck a deal with Amazon meaning that, from 2022, Venmo users will be able to pay for purchases on Amazon using the payment app.

Previously, to pay for purchases on Amazon using Venmo, you had to use a Venmo card rather than the app.

“This is obviously a very significant moment in our Venmo monetization efforts,” PayPal CEO Dan Schulman said during the earnings call.

Schulman said during the call that Venmo currently has over 80 million customers, and is on course to make $900 million in revenue this year.

The deal comes after PayPal’s longstanding relationship with eBay – a direct competitor of Amazon’s – drew to a close last year.

eBay acquired PayPal in 2002 then spun it off in 2015. As part of the deal, eBay made an arrangement where PayPal would continue to process all of eBay’s payments and be limited in which competitors it could do business with.

Schulman said the Amazon deal “marks the beginning of an exciting journey with Amazon, now that we’re no longer constrained by the contractual obligations of the eBay operating agreement.”

PayPal did not say exactly when in 2022 Amazon customers would be able to pay at checkout using Venmo. PayPal and Amazon did not immediately respond when contacted by Insider for clarification.

Read the original article on Business Insider
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