Shares of Venmo's parent company, PayPal Holdings Inc., declined on Thursday following the news that Amazon.com Inc. ended its year-long partnership with Venmo as a payment option for US customers.
"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 said in a statement on its website. Namely, the US' largest e-commerce company notified its clients last night through an email that Venmo's payment option would be removed from the platform.
PayPal's stock declined 2.06% to sell at $58.32 a piece at 11:50 am ET.