On the other hand, it was announced by Amazon that Venmo will stop being an accepted payment method with effect from January 10, 2024, this allegedly deeply surprises many users who had opted to use Venmo for online purchases. Are you asking when Amazon stops accepting Venmo?—that’s in January 2024. In this post, we will consider the reason behind this decision by Amazon, what this translates for users, and also what other options of payment are available.
Why is Amazon Stopping Venmo Payments?
Amazon added Venmo as a payment option in 2022, enabling customers to buy items using either their Venmo balance, bank accounts, or linked debit/credit card, and they will have the option to choose which payment method to use. The company announced it was ending this payment option, yet has not provided specific clarification about the changes. Some of the potential reasons could be:
Payment Strategy Shift
Though Venmo payment mode had a short life on Amazon, this step reflects that the company may want to drive focus towards its payment channels, such as Amazon Pay or Amazon-branded credit cards.
Transaction Fees
Venmo transactions carry some fees that might not seem good for Amazon.
Security and Compliance
Amazon might be further streamlining their payment security policies while ensuring compliance with financial regulations.
When Does Amazon Stop Accepting Venmo?
If you are a typical Venmo user, you might be left wondering that when does Amazon stop accepting Venmo. Well, the official date for such a scenario to take place is January 10, 2024. Whenever this date arrives, you will not have the option of selecting Venmo for payment at checkout anymore.
How will this affect customers?
Amazon’s removal of Venmo as one of its payment options is certainly going to hurt customers who utilized it for online purchases. Here is a glimpse of what is to come:
Venmo-linked purchases will cease
If you currently pay on Amazon via Venmo, you will need to find alternative payment options.
Venmo debit and credit cards will still work
Amazon will continue to accept Venmo-branded debit and credit cards as these work as standard payment cards.
Attraction towards budgeting
Many use Venmo to distinguish between their online purchases and their main bank account. This change might have them change their budgeting ways.
Alternative Payment Methods on Amazon
If your Venmo isn’t working for your Amazon purchases, you need to look for alternatives. Here are some possibilities:
Amazon Pay
Amazon Pay allows users to pay with their Amazon-linked bank account or cards. It comes with a seamless integration with the platform and can be a rather safe alternative.
Credit and Debit Cards
Amazon accepts major credit and debit cards such as:
Visa
MasterCard
American Express
Discover
PayPal
Amazon still does not accept PayPal. However, you can use the PayPal debit card or credit card to check out.
Gift Cards
Amazon gift cards are one major payment method. Users can add the balance to their accounts and pay for their purchases without needing a credit card.
Buy now or pay later options
Amazon also offers financing options through companies such as Affirm, so purchases can be split into a payment plan.
What Should You Do Before January 10, 2024?
Here are a few steps to set about readying for this change:
Change Your Payment Method
Remove Venmo as default payment and add a new option.
Check Pending Orders
If you have any orders coming up that are being processed through Venmo, update your payment information accordingly.
Think of a Venmo Debit Card
Else, apply for a Venmo debit card, especially if you still prefer to spend from your Venmo balance.
Look Into Amazon Pay
If you are looking for a hassle-free way of making payments, linking a bank account to Amazon Pay is a great approach.
Conclusion
It may be annoying for some users that Amazon does not accept Venmo beginning in January 2024, but the other options out there are plenty. When does Amazon stop accepting Venmo? The last date is January 10, 2024. You can avoid online shopping disruptions by revising your payment options now. Whether through credit card, Amazon Pay, or a Venmo debit card, there are safe channels to keep on shopping on Amazon with ease.
