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.