Amazon has announced that it has launched a new feature that allows payment for items through Venmo on its platform. The Amazon company told that the option to make payments with Venmo will be available to select customers starting today and will roll out to all U.S.-based users on the Amazon site and mobile app by Black Friday next month. Venmo is mostly understood for peer-to-peer transactions, but it has been growing its offering to allow payments to businesses.
To pay via Venmo, customers will require to first add their account. During checkout on Amazon, customers can select “Select a payment method” option and then “Add a Venmo account.” This will redirect them to the Venmo app, where they can complete the authentication. Customers can even pick Venmo to be their default payment method for Amazon purchases on that screen.
And another bonus for you While paying with Venmo at Amazon, shoppers can use their Venmo balance, linked bank account, or eligible debit card to complete the transaction.
“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. Also mention The e-commerce giant amazon already offers various payment methods like credit and debit cards from networks like Visa, Mastercard, American Express, Diner’s Club, and JCB.
A recent survey named “Netfluential and Edison Trends PayPal and Venmo Study” reported that Venmo users shop two times more often than an average shopper. So it could beneficial for Amazon in terms of growing the number of transactions on its platform.
Here are questions answered by the amazon company you could find your answer here:
FAQ
Are there any added fees or interest rates when paying with Venmo?
No. There are no fees charged by amazon to select Venmo as a customer’s payment option.
What payment options can I use from my Venmo account on Amazon?
Amazon customers who add Venmo to their account can pay for their purchase using their Venmo balance, linked bank account(s), or debit card(s).