Amazon and Venmo Announce Partnership to Expand Payment Methods for US Users

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American users of the mobile payment service Venmo, owned by the payment company PayPal and added support for cryptocurrencies, will be able to pay for purchases on the Amazon site.

According to a press release from PayPal, the partnership with Amazon, one of the largest online retailers, will allow more than 80 million US Venmo users to use Amazon’s online shopping service and mobile app next year using a Venmo account. Venmo recently conducted a survey on the purchasing power of its users. It found that 65% of people were more likely to shop online during the pandemic, and 47% of survey participants are interested in using Venmo when paying for purchases.

With Venmo supporting payments in BTC, ETH, LTC and BCH since April, the PayPal-Amazon collaboration will drive the massive adoption of cryptocurrencies in the payments industry. Ben Volk, director of international payments development at Amazon, said that recently it has become important for shoppers to have multiple payment options when shopping. Venmo Senior Vice President Darrell Esch added:

“Over the past year, we have focused on providing Venmo customers with more ways to use this service in their daily lives. They now have the ability to pay for purchases using QR codes, as well as many additional features aimed at making purchases securely. We’re thrilled that next year our users and Amazon customers will be able to pay for them with Venmo, ”Ash said.

In August, Venmo added the ability for credit card holders to convert their monthly credit card cashback into one of the supported cryptocurrencies.

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