Daily Dash: Amazon Drops Venmo

December 11, 2023
Amazon has cut short its partnership with Venmo, while the UK financial watchdog has begun consulting on new access to cash rules.

Amazon Ends Partnership With Venmo 

Amazon will discontinue PayPal-owned Venmo in the new year, it has emerged

“Due to recent changes, Venmo can no longer be added as a payment method,” a statement on Venmo’s website says. 

Venmo has confirmed that it will remain available to users who currently have it enabled in their Amazon wallet until January 10. 

Online shoppers have been able to use Venmo to pay for Amazon purchases since October last year. 

The mobile payment service has been used in the US since 2009 and operates more than 90m accounts.

It has, however, courted controversy due to privacy and cybersecurity concerns. In 2018, for example, the company settled with the US Federal Trade Commission over misleading customers. 

UK Regulator Consults On Access To Cash Rules

The UK’s Financial Conduct Authority (FCA) has proposed new rules to maintain reasonable access to cash for personal and business customers across the UK. 

This follows new powers granted to the FCA by the Financial Services and Markets Act 2023.

The consultation is open until February 8 and the FCA expects to finalise the rules by Q3 2024.

Under the proposals, designated banks and building societies will be required to undertake cash access assessments when changes are being made to cash access services to understand whether additional services are required to meet local gaps.

Firms will also need to respond to requests from local residents, community organisations and representatives to consider, assess and plug gaps and deliver reasonable additional cash services to fill gaps in provision where assessments show that there is or will be a significant local gap.

Further, firms will need to ensure they do not close cash facilities, including bank branches, until any additional cash services identified are available.

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