advertisement
PayPal, Visa partner to extend Consumer Payment Choice
PayPal and Visa announced a U.S. strategic partnership that will result in an improved and more seamless payment experience for…
PayPal and Visa announced a U.S. strategic partnership that will result in an improved and more seamless payment experience for Visa cardholders and will offer greater choice in how consumers pay with the PayPal and Venmo wallets.
The partnership puts PayPal and Visa on a new path, with the companies working more collaboratively to accelerate the adoption of safe, reliable and convenient digital payments for consumers and merchants.
“Giving consumers choice in how and where they pay is essential to our goal of being a customer champion and we welcome the opportunity to work with more partners like Visa who share our vision,” said Dan Schulman, president and chief executive officer, PayPal.
advertisement
Further, the arrangement is designed to carry significant benefits for issuing financial institutions, acquirers, and merchants. For issuing institutions, these include a better customer experience, more spending volume on their credit and debit cards, lower operational costs, and improved security. Merchants will also benefit from the improved customer experience, efficiency, and security, which together will help drive increased sales.
“This agreement opens new avenues for PayPal to collaborate with Visa, financial institutions, and others in the payments ecosystem to deliver greater value, more choice, and new experiences for our joint customers wherever they transact – online, in-app or in-store,” he added.
Details of this agreement include:
advertisement
- Enhanced consumer choice and improved experience for visa cardholders.
- Paypal will join the Visa Digital Enablement Program (VDEP) to expand point of sale acceptance.
- Instant withdrawal of money.
- Enhanced data quality.
- Economic incentives.
“We are excited to begin a new chapter with PayPal. Our agreement provides a framework for our companies to work together collaboratively,” said Charlie Scharf, chief executive officer, Visa. “PayPal has built industry leading capabilities which complement those of Visa and our clients, and working together, we will be able to deliver better solutions for consumers and merchants. At Visa, we are focused on growth by providing our issuer and acquirer clients – and their clients, merchants and consumers – with the best way to pay and be paid everywhere and this agreement supports this approach.”