You will need a debit or credit card to purchase anything from Amazon.com. However, Venmo will be accepted by the online retailer in 2022. The news was announced by Venmo parent company PayPal during Monday's Q3 earnings call.
We are pretty certain that this is the first third-party payment platform Amazon has adopted in recent years. Amazon cannot accept PayPal as a payment method. Here's a list listing the payment options Amazon accepts as of today. Amazon's recent partnership with Affirm (buy-now, pay later) might be cited, but credit is still required. Venmo is, in comparison, more like a mobile bank account with a check-cashing option and a (sometimes costly) check-cashing function.
Although details about the Amazon partnership are not available right now, PayPal claims that you will be able use your US Venmo account to make purchases on Amazon's website as well as its mobile app beginning in 2022. You can also use your Venmo balance to pay. While the company did not give any more details or a timeframe for these transactions, they said that PayPal was still working with Amazon to make them happen.
Amazon may make it a fully-fledged payment option by offering a Pay with Venmo option. Or it could try to keep you more in control by requiring that Venmo be integrated with its Amazon Wallet. You might have to first deposit Venmo money into Amazon's balance.
Venmo, similar to PayPal, has recently added support for popular cryptocurrency. However, it's unclear if this will allow you to purchase Amazon products with cryptocurrency.
The company said that although the PayPal portion was still bigger than Venmo in its Q3 earnings call, Venmo has grown to the same extent as the entire PayPal US footprint.
