Amazon to Discontinue Venmo as a Payment Method from January 2024

The decision, announced by both companies, comes just over a year after Amazon began accepting Venmo. PayPal shares fell following the announcement.

Amazon will stop accepting Venmo as a payment method from January 10, 2024, but will continue to accept Venmo debit and credit cards.
Venmo and Amazon have mutually agreed to this change, citing 'recent changes' as the reason, but no further details were provided.
PayPal, Venmo's parent company, saw its shares drop by around 2% following the announcement.
The decision comes just over a year after Amazon began accepting Venmo as a payment method.
Analysts suggest the move may be due to a lack of traction, as consumers failed to adopt Venmo as their preferred checkout method.