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For customers who don’t want to use credit to buy on Amazon, they will be able to use funds from their linked bank accounts or available Venmo balance instead.
Here’s what you need to know:
With Venmo, Amazon shoppers will be able to buy products without a credit card or checking account.
So many of the 80 million-plus people who have Venmo use it to get paid for things like Craigslist or Facebook Marketplace sales, to settle up after eating out, or to purchase goods and services.
Lots of people keep a balance on their Venmo accounts, so instead of paying for Amazon orders with a credit card or bank account, they’ll be able to use that balance.
And now, since Venmo users can buy, sell and hold cryptocurrency, that balance can grow over time.
Venmo is the latest alternative way to pay on Amazon.
While it’s true that Venmo requires a linked bank account to open an account, the new functionality gives shoppers one more way to avoid using credit cards when shopping on Amazon.
In addition to credit and debit cards, Amazon currently allows purchases via prepaid cards and gift cards, as well as dedicated Amazon Store and gift cards. They also allow payment via Flexible Spending Accounts and Health Savings Accounts, for eligible purchases. EBT SNAP cards are accepted as payment for residents of participating states as well. Customers can also link a bank account to their Amazon profiles and pay that way.
No telling when they’ll officially start accepting Venmo.
Venmo’s parent company, PayPal, announced the Amazon news in a quarterly earnings call and subsequent press release. A customer survey by PayPal found that 47 percent of customers want the ability to use Venmo to pay for goods at merchants. This announcement is certainly a big step in that direction.