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Amazon to stop accepting Venmo as payment option

News sends trades of Venmo's parent company PayPal tumbling

Amazon announced Thursday that users will no longer be able to add Venmo as a payment option and that as of Jan. 10 payments would no longer be accepted at checkout. File Photo by Friedemann Vogel/EPA-EFE
Amazon announced Thursday that users will no longer be able to add Venmo as a payment option and that as of Jan. 10 payments would no longer be accepted at checkout. File Photo by Friedemann Vogel/EPA-EFE

Dec. 7 (UPI) -- In a course reversal, Amazon announced Thursday that users can no longer add Venmo as a payment method and that as of Jan. 10, Venmo payments will not be accepted at checkout.

"Due to recent changes, Venmo can no longer be added as a payment method, Venmo will remain available to users who currently have it enabled in their Amazon wallet until 01/10/24," Amazon said in post Thursday.

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Markets ostensibly were affected by the announcement, with CNBC reporting that trades of Venmo's parent company, PayPal fell 2% Thursday afternoon.

In October of last year, Amazon introduced Venmo as a payment option. At the time, Amazon described Venmo as "the perfect fit for the avid Amazon shopper."

Amazon has not commented publicly about why the payment method is being dropped.

The company said that while Venmo would no longer be accepted, Venmo credit cards still will be accepted.

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