Bank of America and PayPal Partner to Enable In-Store Payments and Account Linking
July 26 2017 - 4:15PM
Business Wire
Agreement Will Offer Joint Customers a Secure
Way to Pay Online, in Apps and in Stores
Bank of America [NYSE: BAC] and PayPal [NASDAQ: PYPL] today
announced a strategic partnership that will soon enable Bank of
America customers to transact with PayPal in stores and seamlessly
link their Bank of America cards into PayPal.
The agreement will take effect immediately, with new experiences
available to Bank of America customers in the first half of 2018
that will make it even easier for them to shop how, where and when
they choose by leveraging the power and convenience of PayPal’s
platform.
The two companies will work together to deliver the following
enhanced experiences:
- In-store payments: Bank of
America will partner with PayPal to tokenize Bank of America cards
for customers wishing to use PayPal for in-store purchases, across
MasterCard and Visa portfolios in the U.S. This will support
PayPal’s forthcoming NFC mobile wallet experience to enable
in-store tap-to-pay purchases and reflects Bank of America’s open
wallet strategy.
- Account linking: Bank of America
and PayPal will enable simple linking of accounts to make it easier
for their customers to add their Bank of America cards into their
PayPal Wallets.
- Digital representation of Bank of
America cards: PayPal and Bank of America customers will see a
familiar digital representation of their Bank of America-issued
cards in the PayPal Wallet when they pay.
- Security and improved
convenience: The companies will collaborate more closely and
use tokenization technology, data, analytics and fraud tools to
provide a secure and more convenient shopping experience in store,
online and in-app.
“We’re always looking at ways we can deliver secure, convenient
and fast payment solutions to meet our customers’ needs,” said Mark
Monaco, head of Enterprise Payments at Bank of America. “Whether it
is in-store, in-app or online, this partnership provides yet
another option for the empowerment of customers.”
“At PayPal, we continue to partner with the most innovative and
respected companies in technology, mobile and financial services,”
said Gary Marino, chief commercial officer at PayPal. “This
partnership will give us the opportunity to work with Bank of
America to reach and serve new customers, improve security
capabilities, enhance our mobile leadership and offer our millions
of joint customers more choice when paying online, in apps and in
stores.”
Bank of AmericaBank of America is one of the world’s leading
financial institutions, serving individual consumers, small and
middle-market businesses and large corporations with a full range
of banking, investing, asset management and other financial and
risk management products and services. The company provides
unmatched convenience in the United States, serving approximately
47 million consumer and small business relationships with
approximately 4,500 retail financial centers, approximately 16,000
ATMs, and award-winning digital banking with approximately 34
million active users, including 23 million mobile users. Bank of
America is a global leader in wealth management, corporate and
investment banking and trading across a broad range of asset
classes, serving corporations, governments, institutions and
individuals around the world. Bank of America offers
industry-leading support to approximately 3 million small business
owners through a suite of innovative, easy-to-use online products
and services. The company serves clients through operations in all
50 states, the District of Columbia, the U.S. Virgin Islands,
Puerto Rico and more than 35 countries. Bank of America Corporation
stock (NYSE: BAC) is listed on the New York Stock Exchange.
Visit the Bank of America newsroom for more Bank of America
news, and click here to register for news email alerts.
PayPalFueled 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 210 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.
www.bankofamerica.com
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170726006265/en/
Reporters May Contact:Betty Riess, Bank of America,
415.913.4416betty.riess@bankofamerica.com
Chris Morse, PayPal, 914.413.3045cmorse@paypal.com
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