Gary Marino, Chief Commercial Officer of PayPal, published the following post on the PayPal corporate blog:
Partnership has become a core part of PayPal’s strategy, allowing us to provide a new level of financial choice and flexibility to our customers. Over the last few months, we have partnered with Visa and MasterCard to offer greater choice and value to our customers who pay with the PayPal and Venmo wallets, and with Facebook and Alibaba to bring PayPal’s superior checkout experiences to some of the world’s largest properties.
We’re excited to continue our partnership momentum and announce that we have forged new partnership agreements with Citibank (Citi), the world’s largest credit card issuer, and Fidelity National Information Services (FIS), a global leader in financial services technology.
The new partnerships with Citi and FIS are extensions of the agreements that we have recently signed with Visa and Mastercard, providing our joint customers the ability to shop how, where and when they choose, by leveraging the power, safety and convenience of PayPal’s platform.
The new experiences will be available to U.S. customers initially in 2017, designed to drive incremental digital spend together.
Details of the Citi and FIS agreements include:
- Citi will be a launch partner with PayPal to enable Citi cardholders to use their card through PayPal at the point of sale, where Visa or Mastercard contactless payments are accepted.
- PayPal and Citi customers will see a familiar digital representation of their Citi-issued card in the PayPal Wallet when they pay, ensuring them that all payments made through PayPal are conducted with a familiar card and protected with the same safety and security measures that they have come to expect.
- Citi and PayPal have agreed to partner to drive incremental digital spend for joint PayPal and Citi customers, and will be rolling out a series of pilots in 2017 – which includes making it more convenient to add their existing cards to PayPal.
- This agreement reaches thousands of banks and issuers across the U.S., in turn providing even more consumers and merchants with better ways to transact.
- We are working with FIS to provide a more seamless way for their thousands of bank issuers to drive more digital spend with their customers through PayPal accounts.
- FIS will enable PayPal’s account linking capability, making it easy for consumers of FIS partner banks to add their various cards and banking instruments into PayPal accounts. This integration will also give the joint consumers improved visibility into their PayPal account balance directly on partner bank sites, providing greater visibility of their bank accounts and their PayPal account within the online banking site.
These deals are another great example of how our partnerships are creating experiences that leverage each companies’ core assets to deliver meaningful payment experiences for both consumers and merchants.
As the world’s leading independent, global, third party platform, dedicated to digital commerce and payments, we welcome any conversations that lead to new, interesting, and convenient ways to bring consumers and merchants closer together, whether with banks, issuers, social networks, mobile operators or any other major technology providers.
Source: PayPal Corporate Blog Post