Amazon to enable Venmo payments at checkout

PayPal объявил about a collaboration with Amazon, under which customers of the online retailer will be able to pay for purchases via the Venmo payment service.

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Availability will roll out to US users in 2022. The new feature will be available on the Amazon website and in the Amazon mobile app.

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According to финансовым результатам PayPal за III квартал, Venmo-owned payments volume grew by 36%, to $60 billion. Earlier the service added the ability to buy and sell cryptocurrencies — users have access to Bitcoin, Ethereum, Litecoin and Bitcoin Cash.

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The deal with Amazon comes at a time when eBay is ending its relationship with PayPal. The volume of transactions on marketplaces fell by 45% in the last quarter and amounted to 3% of the payments giant’s revenue.

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During an investor conference, PayPal CEO Dan Schulman назвал the collaboration with Amazon an important milestone in Venmo monetization as the company \”is no longer bound by contractual obligations under the operating agreement with eBay.\”

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Overall for the past quarter, PayPal’s revenue was $6.18 billion (+13% year over year), below analysts’ expectations of $6.23 billion. Adjusted EPS — $1.11, which beat the consensus forecast ($1.07).

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Total payment volume grew 26%, to $310 billion. As of September 30, the company had 416 million active accounts.

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In July Amazon denied rumors about adding Bitcoin payments. However the company promised to explore cryptocurrencies.

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As reported in August, Venmo added for customers the ability to automatically convert cashback from credit-card purchases into digital assets.

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