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PayPal Inks Deal for Amazon.com Customers to Pay With Venmo (1)

Nov. 8, 2021, 10:04 PM

PayPal Holdings Inc. shares surged as much as 6.5% after it inked a deal with Amazon.com Inc., even as the payments giant trimmed its full-year forecast for revenue and profit.

PayPal reached an agreement with Amazon.comto allow the firm’s Venmo wallets in the U.S. to be accepted on the e-commerce giant’s website and mobile app starting next year, according to a statement Monday announcing third-quarter earnings.

The deal temporarily outshined results in the third quarter, when PayPal saw its former parent company EBay Inc. accelerate a shift away from the payments company. Volume tied to EBay’s marketplace declined 45% ...