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PayPal shares rise after Amazon adds Venmo as a payment option


Amazon announced on Tuesday that it was adding Venmo as a checkout payment option. Shares of PayPalwhich owns Venmo, jumped more than 6% in afternoon trading.

The feature will begin rolling out to the Amazon app and amazon.com starting Tuesday, before launching for US users by Black Friday on Nov. 25, Amazon said.

Venmo is a popular payment service that allows users to send money to each other. It has increasingly expanded beyond its peer-to-peer functionality, with more online retailers adding Venmo as a payment method, such as Shopify and lululemon.

Users add their Venmo account as a payment method on their Amazon account, then select Venmo as their payment option during checkout.

The partnership will give Amazon shoppers more options to pay for their order. The company currently accepts credit and debit cards, store cards, HSA and FSA accounts, and EBT cards.

Amazon also announced a partnership with the buy now, pay later service. To affirm last year that allows users to split their purchases into installments.

LOOK: How Amazon’s private labels work, from AmazonBasics to its 100+ other proprietary brands

How Amazon's private labels work, from AmazonBasics to its 100+ other proprietary brands

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