Amazon Removes Venmo as Payment Option, PayPal Shares Plummet

Amazon will no longer accept Venmo as a payment option on its website starting January 10, 2024. The decision comes after a year of allowing customers to make payments through Venmo. PayPal, the owner of Venmo, stated that Venmo debit and credit cards will still be accepted. Amazon emphasized that customers can choose from various other payment options, including debit cards, credit cards, checking accounts, and installments. Since the announcement, PayPal's shares have dropped by approximately 2%.