SEATTLE—Amazon is adding Venmo as a new payment option for orders placed on Amazon.com and the Amazon mobile app. Venmo has begun rolling out the option to select Amazon customers, and it will be available to all U.S. customers by Black Friday.
“This convenient, simple and secure payment method will give Amazon customers even more choice during the checkout experience,” Amazon said in a statement.
Shoppers add their Venmo account as a payment method to their Amazon account. Once their account is added, customers can select Venmo as their payment option during checkout. Customers can also choose to select Venmo as their default payment option after adding their Venmo account. The transactions are protected by the back-end technology Amazon has built, as well as Amazon’s A-to-z Guarantee. Venmo Purchase Protection also applies to eligible purchases.
“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,” said Max Bardon, vice president of Amazon Worldwide Payments. “We’re excited to continue to offer customers even more options when it comes to how and when they want to pay for their order.”
Venmo is owned by Paypal, and according to the company, Venmo has nearly 90 million active users in the U.S. Paypal says that Venmo users shop over two times more frequently than the average shopper and are 19% more likely to make repeat purchases. Lululemon and Shopify are among other retailers that accept Venmo as payment.
Last year, Amazon partnered with Affirm, a buy now, pay later company, which allows shoppers to make payments on their purchases for several months, reports the Wall Street Journal. Online store sales fell 4% in the second quarter, according to Amazon.