PayPal Holdings Inc PYPL Stocks are trading higher Tuesday after Amazon.com Inc AMZN announced it would add Venmo as a payment option on its e-commerce platform.
Venmo, owned by PayPal, is a popular payment app that allows users to easily send money back and forth. The new payment option will be rolled out in the Amazon app and on Amazon.com starting Tuesday. Venmo is expected to be available on Amazon for US users by Black Friday at the end of November.
Users can add a Venmo account to their Amazon account as a payment option and then select Venmo as their payment option during checkout.
More and more online merchants are adding PayPal’s Venmo as a payment method. Amazon’s Venmo launch comes after that Shopify Inc SHOP and Lululemon Athletica Inc LULU has added the popular payment option in recent years.
Amazon also gave its customers the opportunity last year to split the total cost of purchases of $50 or more in easy monthly payments Affirm Holdings Inc AFRM.
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PYPL Price Action: PayPal has a 52-week high of $196.09 and a 52-week low of $67.58.
The stock is up 6.41% at press time to $88.66 Gasoline Pro.
Photo: courtesy of PayPal.
