Amazon removes PayPal-backed Venmo as payment option, PYPL stock drops nearly 2%

While Amazon did not provide the actual reason for not supporting Venmo as a payment option, the notable rise of web3 payment platforms could be a major factor.

In October last year, Amazon.com Inc (NASDAQ: AMZN) announced that it would begin offering Venmo, a product of PayPal Holdings Inc (NASDAQ: PYPL), as a new payment option to boost its mobile app and Amazon orders. . .com during the festival season. Initially, Amazon announced that only its US-based customers would shop with the Venmo payment option. A year later, Amazon notified its users on Wednesday that it had removed Venmo as a payment option and the company will no longer allow users to pay using the PayPal-backed payment method starting January 10, 2024. Following the announcement, PYPL shares closed on Thursday. trading at $58.48, down 1.76 percent from the opening value of the day.

In particular, PayPal has been bleeding for the past two years, so its shares have fallen about 18 percent so far this year. At the time of this report, PaPal had a total market valuation of approximately $64.18 billion. Meanwhile, Amazon did not provide a specific reason for excluding Venmo from its business, raising speculation about possible differences in internal policies and the changing landscape. Additionally, an Amazon spokesperson highlighted that there are a dozen more payment options for shoppers on its platform.

“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,” Venmo noted.

Amazon has continued to perform well since the height of the Covid lockdown, so its stock market is up about 74 percent year-to-date to a total valuation of around $1.49 trillion.

PayPal forced to close by Web3 industry

For many years since its inception, PayPal has dominated global cross-border payments with its ruthless policies. PayPal and its payment products have been tormenting users with high fees and slow processing speed, whereby a single payment can take up to 180 days to process. As a result, more users have abandoned the platform for better alternatives, including web3 payment platforms. Additionally, PayPal has been attempting to pivot towards blockchain technology through its latest stablecoin launch called PayPal USD (PYUSD). Additionally, the company is in the process of conducting a $6 billion share buyback to protect it from further selling pressure.

The rise of web3 payments around the world has significantly threatened traditional businesses that are not prepared to adapt to the new technology. In addition, blockchain technology offers a secure, almost instantaneous and economical means to transfer funds around the world without depending on third parties.

Companies like Ripple Labs, Stellar Organization, and Coinbase Global Inc (NASDAQ: COIN) are poised to dominate global cross-border payments amid widespread adoption of digital assets.

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