Amazon Drops Venmo as Payment Option, PYPL Stock Falls 2%
Amazon has removed Venmo, a PayPal-backed payment option, from its platform, with the change set to take effect from January 10, 2024. Amazon did not provide a specific reason for the move, but an Amazon spokesperson noted that there are still a dozen other payment options available for shoppers on the platform. PayPal's stock fell by almost 2% following the announcement, and the company has seen its stock drop by around 18% year-to-date. PayPal has been attempting to pivot towards blockchain technology, but has been losing users to web3 payment platforms due to high fees and slow processing speeds.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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