PayPal Stock Drops in 2025 as Amazon Ends Venmo Payment Option
Amazon discontinues Venmo payments, impacting PayPal shares which saw a notable decline. Discover the details and what it means for users and investors.
Bill McColl brings over 25 years of expertise as a senior producer and writer across TV, radio, and digital platforms, leading teams in delivering impactful news coverage on major stories.
Essential Highlights
- Amazon has officially stopped accepting PayPal-owned Venmo as a payment method, resulting in a drop in PayPal's stock price.
- Existing Amazon customers with Venmo enabled in their wallets can use the service only until January 10, 2024.
- The Venmo payment option was initially introduced on Amazon in October 2022 as a trusted and convenient choice.
Shares of PayPal Holdings (PYPL) declined following Amazon's announcement to cease support for Venmo payments on its platform.
Venmo stated that "due to recent changes," users with Venmo linked to their Amazon wallets will be unable to make purchases using Venmo after January 10, 2024, though Venmo debit and credit cards remain valid payment options.
The partnership between Amazon and PayPal to enable Venmo payments was launched in October 2022, aiming to enhance customer payment flexibility with a familiar, trusted method.
Max Bardon, Vice President of Amazon Worldwide Payments, highlighted that their goal was to provide customers with "payment options that are convenient, easy to use, and secure," which initially motivated Venmo's inclusion.
On the market front, PayPal's stock closed down 1.8% at $58.48, marking a 22% drop year-to-date. Meanwhile, Amazon's shares rose 1.6% to $146.88, achieving a 71% gain in 2023.
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