Visa and PayPal Extend Partnership to Europe
July 18 2017 - 10:51AM
Business Wire
- Enhances the online, in-app and in
store payment experience for consumers in Europe
- Enables PayPal in Europe to issue Visa
accounts
Visa (NYSE:V) and PayPal (Nasdaq: PYPL) today announced an
extension of their strategic partnership to Europe.
This Smart News Release features multimedia.
View the full release here:
http://www.businesswire.com/news/home/20170718005973/en/
The two companies are already collaborating in the U.S. and Asia
Pacific to accelerate the adoption of secure and convenient online,
in-app and in-store payments. This latest step brings the benefits
of the partnership to European consumers and businesses.
Additionally, PayPal - under its banking license in Europe[1] -
is joining the Visa network of client financial institutions and
will be able to offer Visa accounts in Europe, enabling consumers
and businesses to use their PayPal funds to spend wherever Visa is
accepted worldwide.
"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.”
The European partnership agreement makes it easier for financial
institutions to offer their Visa account holders the ability to
checkout anywhere PayPal is accepted online by offering greater
consumer choice. It will also expand the acceptance of PayPal by
European businesses that accept Visa in physical locations,
providing growth opportunities for Visa, PayPal and their customers
based on the following:
- Customer Choice: PayPal and Visa
will create 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 easily from other banking
apps.
- PayPal in Europe: PayPal – under
its banking license in Europe[1] - will have the ability to issue
Visa accounts to European consumers and businesses. In the future,
this would make it possible for PayPal customers to use their
PayPal funds wherever Visa is accepted worldwide.
- Digital collaboration: Visa and
PayPal have agreed to extend participation in the Visa Digital
Enablement Program (VDEP) in Europe. VDEP provides Visa's partners
with access to tokenisation technology, which enables simple and
secure payment on mobile phones or any connected device. This will
help expand the use of PayPal to businesses that accept Visa in
physical locations.
- Easier and faster access to
funds: Visa will provide the opportunity for PayPal to leverage
Visa Direct in Europe, which will allow PayPal customers to move
funds to their Visa accounts in real time across multiple
markets.
# # #
About Visa Visa Inc. (NYSE: V) is a global payments
technology company that connects consumers, businesses, financial
institutions, and governments in more than 200 countries and
territories to fast, secure and reliable electronic payments. We
operate one of the world's most advanced processing
networks -- VisaNet -- that is capable of handling more
than 65,000 transaction messages a second, with fraud protection
for consumers and assured payment for merchants. Visa is not a bank
and does not issue cards, extend credit or set rates and fees for
consumers. Visa's innovations, however, enable its financial
institution customers to offer consumers more choices: pay now with
debit, pay ahead with prepaid or pay later with credit products.
For more information, visit our website (www.visaeurope.com), the
Visa Vision blog (vision.visaeurope.com), and @VisaInEurope
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.
[1] PayPal (Europe) S.a.r.l. et Cie, SCA is authorized as a
credit institution in Luxembourg and is supervised by the
Commission de Surveillance du Secteur Financier (CSSF).
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version on businesswire.com: http://www.businesswire.com/news/home/20170718005973/en/
VisaRica Squires+44 (0)207 297
1179squiresr@visa.comorPayPalChris Morse(914)
413-3045cmorse@paypal.comorRob Skinner+44 7979
851297rskinner@paypal.com
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