Amazon Drops Venmo 😲; Klarna to replace workers with AI to drive profits 🤖; Apple offers to let rivals access its NFC tech in EU antitrust case📱

FinTech is Eating the World, 12 December

Hey Everyone,

Happy Tuesday! On today’s radar, we have Amazon which has dropped Venmo as a payment option (why it made sense & what happened + what’s next & some deeper dives), Klarna which aims to replace workers with AI to drive profits (a strategy that works + deeper dives into Klarna & AI + Finance), and Apple that offers to let rivals access its NFC tech in EU antitrust case (EU never stops regulating…). Let’s jump straight into the valuable stuff 🌶

Amazon Drops Venmo 😲

The (unexpected) news 🗞️ E-commerce giant Amazon AMZN 0.00%↑ recently announced it will stop accepting Venmo, the popular peer-to-peer payment app owned by PayPal PYPL 0.00%↑, as an online payment method starting January 10th, 2024.

Venmo was first added as a payment choice on Amazon’s website in late 2022, in a deal that was supposed to be a big win for both companies.

ICYMI: Amazon + Venmo is a match made in heaven 🫂 [why it made lots of sense + more bonus reads]

It’s now clear it didn’t work.

Let’s take a look at what this is all about and what’s next.