![]() ![]() It bears mentioning, however, that PayPal is not currently natively supported as a payment option on the service, so the addition of Venmo is a nice win for the company.īroadly speaking, PayPal’s impending integration with Amazon could bring a much awaited crypto edge to the multinational e-commerce company. Its current slate of payment options includes credit or debit cards, store cards, checking accounts, HSAs or FSAs or EBT cards. The broader question is how widely the service will be utilized for Amazon users who have thus far had little problem relying on credit payment. The company also cites a recent in-house “behavior study” that notes, “65% of Venmo users said they increased their online purchasing behaviors amidst the pandemic and 47% are interested in paying with Venmo when checking out with merchants.” As PayPal notes, it currently counts north of 80 million users in the U.S. The deal is no doubt mutually beneficial for both parties. “We’re excited to team up with Venmo and give our customers the ability to pay by using their Venmo accounts, providing new ways to pay on Amazon.” “We understand our customers want options and flexibility in how they make purchases on Amazon,” Amazon’s Director of Global Payment Acceptance Ben Volk said in a statement. The news arrived as the online payment giant announced solid third quarter results, with a 13% year-over-year revenue increase.īeginning at some point in 2022, Amazon shoppers will be able to link their accounts to popular mobile payment services for purchases made through both and the company’s mobile shopping app. "We believe this offering lets Amazon to do the heavy lifting of order placement and fulfillment at a rate that is more affordable than other competitors, thus allowing SMBs to focus on their product development and growth," read the internal document.PayPal today announced that will be adding a Venmo option to checkout for users in the U.S., starting next year. You may also like: Jury Rules In Favor Of Amazon On Ordering Groceries Through Alexa If Amazon’s proposed POS solution is rolled out, it will go toe-to-toe with numerous companies aside from Shopify that offer their own checkout tools, such as PayPal, Square, and Fiserv's First Data. According to data from Grand View Research, the global POS space was worth $9.26 billion in 2020, and forecasted to hit $19.56 billion in seven years. ![]() Plans for the upcoming POS solution could signal that Amazon is looking to pull more small- and medium-sized (SMBs) businesses to its eCommerce space as it loses some market share to Shopify and other direct-to-consumer portals. See also: Amazon Ships Outside Cargo to Compete with UPS, FedEx Project Santos was launched by Amazon last year to specifically brainstorm innovations to compete against the Canadian POS giant Shopify, the Wall Street Journal and others reported last December. "This will allow our small business (SMB) customers to unify their online and offline channel management including inventory, offer Amazon One for contactless recognition and payment, and offer a customizable loyalty program that can utilize Prime benefits," according to the document, per BI. See: Square Rolls Out Square Register POS Solution for Canada The system also can offer Amazon checkout options, and links to the company’s Prime services, palm identification system, and Flex delivery. ![]() The proposed POS can reportedly process transactions online and in physical stores and has the technological chops to provide data analytics for inventory and other business functions, per the internal document. Amazon’s crew at Project Santos is developing an innovative point-of-sale (POS) solution for third-party retailers that is intended to compete with Shopify, PayPal, and others, Business Insider (BI) reported, citing an internal Amazon document the news outlet reviewed. ![]()
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