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The big picture: Amazon up to this point has kept its checkout process pretty straightforward, only accepting credit / debit cards, linked bank accounts and gift cards as forms of payments. Oddly enough, you can’t even use PayPal to pay for purchases on Amazon, although I suspect that might change, especially if the Venmo partnership is a success.
Venmo users will soon be able to use their account balance or a linked bank account to pay for goods when checking out at Amazon.
PayPal, Venmo’s parent company, said the feature will roll out to its more than 80 million Venmo users in the US sometime in 2022. When the time comes, customers will be able to shop on Amazon.com and through the Amazon app on their mobile devices.
Darrell Esch, SVP and GM of Venmo, said that over the last year, they’ve focused on giving their community more ways to use Venmo in their daily lives, including the ability to pay using QR codes and providing other features like purchase protections.
Venmo in announcing the partnership with Amazon pointed to a recent behavior study in which 65 percent of Venmo users said their online purchasing behaviors increased during the pandemic. Furthermore, nearly half of respondents expressed interest in using Venmo when checking out with merchants.
Additional information, including a more specific launch window, is expected in the coming months as we inch closer and eventually delve our toes into 2022.
Image credit Anirudh