JPMorgan Chase and PayPal Strike Payments Partnership to Enhance Payments Online, in App and in Store
July 20 2017 - 9:09AM
Business Wire
Chase consumers will be able
to seamlessly link their Chase cards to PayPal and pay
with Ultimate Rewards points when linked to Chase Pay where PayPal
is accepted online and in app
JPMorgan Chase (NYSE:JPM) and PayPal (NASDAQ:PYPL), two global
payments leaders, have announced a partnership that will make it
easy to add Chase cards via Chase Pay to PayPal accounts, and will
soon offer customers the option of paying with Ultimate Rewards
points when linked through Chase Pay at PayPal’s millions of online
merchants.
In addition, PayPal will have the ability to process payments on
ChaseNet, a unique, closed-loop payment network.
“We’re excited to partner with PayPal -- both our companies have
been innovators in payments and we share a focus on making the
payment experience simpler for our customers and merchants,” said
Gordon Smith, CEO of Consumer & Community Banking at Chase.
Highlights of the partnership:
- Chase customers will be able to
seamlessly link their Chase cards via Chase Pay to their PayPal
Wallet and have the option to pay with Ultimate Rewards points when
linked through Chase Pay at PayPal’s millions of online
merchants
- Chase and PayPal will make it easy for
PayPal customers to link their Chase cards to their PayPal
account
- J.P. Morgan will process Chase card
payments from PayPal via ChaseNet
- Chase cardholders will be able to use
their PayPal account in store through the PayPal mobile wallet
- Braintree will make Chase Pay available
as a payment method for its merchants to integrate into their
checkout experiences
- A pipeline of future payments
innovations will benefit approximately 94 million credit, debit and
pre-paid card accounts, and four million businesses Chase
serves
“This partnership is about deepening our relationship and
leveraging each other’s core assets to deliver simple, secure and
truly transformative payment experiences for our joint customers,”
said Dan Schulman, PayPal's CEO. “Our deep platform integration
will add tremendous value to consumers who can now use PayPal and
Chase products in more places, but also create new payment methods
that will allow consumers to have more spending power at our
millions of merchant locations online, in app and in store.”
About Merchant Services and Chase Pay
from JPMorgan Chase & Co.
Merchant Services is the payment acceptance and merchant
acquiring business of JPMorgan Chase & Co. (NYSE: JPM) – a
global financial services firm with assets of $2.6 trillion and
operations worldwide. It is a leading provider of payment, fraud
management and data security solutions, capable of authorizing
payment transactions in more than 130 currencies. Its processing
platforms, including ChaseNet, provide integrated solutions for all
major credit and debit card payments as well as mobile payments.
The firm processed more than $1 trillion in payment transaction
volume worldwide in 2016 and is the #1 ranked merchant acquirer
worldwide according to The Nilson Report. Chase Pay is the firm’s
digital wallet available on approximately 94 million Chase credit,
debit and pre-paid card accounts. Chase Pay benefits both consumers
and merchants with its simple, safe, and rewarding experience for
online and mobile users. For more visit jpmorganchase.com.
About PayPal
Fueled by a fundamental belief that having access to financial
services creates opportunity, PayPal (Nasdaq: PYPL) is committed to
democratizing financial services and empowering people and
businesses to join and thrive in the global economy. Our open
digital payments platform gives PayPal’s 203 million active account
holders the confidence to connect and transact in new and powerful
ways, whether they are online, on a mobile device, in an app, or in
person. Through a combination of technological innovation and
strategic partnerships, PayPal creates better ways to manage and
move money, and offers choice and flexibility when sending
payments, paying or getting paid. Available in more than 200
markets around the world, the PayPal platform, including Braintree,
Venmo and Xoom, enables consumers and merchants to receive money in
more than 100 currencies, withdraw funds in 56 currencies and hold
balances in their PayPal accounts in 25 currencies. For more
information on PayPal, visit https://www.paypal.com/about. For
PayPal financial information, visit
https://investor.paypal-corp.com/.
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Chase:MaryJane H.
Rogersmaryjane.h.rogers@chase.comorMaribel
Ferrermaribel.ferrer@chase.comorPayPal:Chris Morse,
914-413-3045cmorse@paypal.com
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