Visa and PayPal partnership promises simpler cross-channel payments
A partnership between Visa and PayPal that promises to make it easier for shoppers to pay across channels is launching in Europe.
The two companies already work together in the US and Asia Pacific to provide joined-up online, in-app and in-store payments. PayPal is also joining the Visa network with the result that it will be able, under its European banking licence, to offer Visa accounts in Europe, enabling PayPal customers to spend PayPal funds where Visa is accepted.
The partnership promises a seamless experience for consumers who choose to pay with their Visa card at places that accept PayPal. Through collaboration with Visa bank partners, consumers will be able to add Visa cards into the PayPal wallet from other banking apps.
They will also work together in the Visa Digital Enablement Program (VDEP) in Europe, which includes access to tokenisation technology that offers easy and secure payments on mobile phones or any other connected device. This will help expand the use of PayPal to businesses that accept Visa in physical locations.
"Visa and PayPal have a shared goal of giving consumers a safe, convenient way to pay using their preferred device. Expanding our partnership into Europe provides greater consumer choice and benefits merchants,” said Bill Sheedy, CEO, Europe Region, Visa Inc. “By having the option to issue Visa accounts in Europe, PayPal will now have the ability to offer customers new and innovative ways to manage and move their money regardless of platform or device.”
“The agreement announced today will deepen PayPal’s collaboration with Visa and its partners across our European markets”, said Rupert Keeley, Executive Vice President and CEO, PayPal (Europe) S.à r.l. & Cie, S.C.A. “Our partnership will enable us to offer more choice to millions of consumers and businesses through an expanded range of innovative products. Whether it’s online, in-app or in-store, PayPal with Visa will offer simple, secure and convenient ways to pay and get paid.”