Digital partnership will enhance the payment
experience online, in-app and in store for consumers in
Canada
TORONTO, May 9, 2018 /PRNewswire/ - Visa (NYSE:V) and
PayPal (Nasdaq: PYPL) today announced an extension of their
strategic partnership to Canada
that will see them work collaboratively to accelerate the adoption
of secure, reliable and convenient digital and mobile payments for
consumers and merchants in Canada.
The two companies are already collaborating in the U.S.,
Asia Pacific and Europe. This latest step brings the benefits
of the partnership to Canadian consumers and businesses.
The partnership creates a seamless experience for consumers who
choose to pay with their Visa card at places that accept PayPal.
Through collaboration between bank partners and PayPal, consumers
will be able to add Visa cards into the PayPal digital wallet
easily from other banking apps.
It also enables PayPal to leverage Visa Direct (Visa's real-time
payments solution), which allows Visa cardholders to more easily
move funds from their PayPal account to an eligible Visa debit card
in real-time.
In addition, Visa and PayPal have agreed to extend participation
in the Visa Digital Enablement Program (VDEP). 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.
"This partnership will open new avenues for Visa and PayPal to
collaborate to honour consumer choice and provide greater benefits
to merchants and issuers," said Stacey
Madge, Country Manager and President, Visa Canada. "By
working together, we will be able to bring more innovative products
and enhance payment experiences online, in-app and in store for our
joint customers."
"PayPal and Visa are leaders in building incredible digital and
mobile payment experiences. We are delighted to collaborate and
drive greater value for our 6.5 million customers in Canada by offering them more choice in how and
where they pay," shared Paul Parisi,
President, PayPal Canada.
About Visa Inc.
Visa Inc. (NYSE: V) is the world's
leader in digital payments. Our mission is to connect the world
through the most innovative, reliable and secure payment network -
enabling individuals, businesses and economies to thrive. Our
advanced global processing network, VisaNet, provides secure and
reliable payments around the world, and is capable of handling more
than 65,000 transaction messages a second. The company's relentless
focus on innovation is a catalyst for the rapid growth of connected
commerce on any device, and a driving force behind the dream of a
cashless future for everyone, everywhere. As the world moves from
analog to digital, Visa is applying our brand, products, people,
network and scale to reshape the future of commerce. For more
information, visit visa.ca, visacorporate.tumblr.com and
@VisaNewsCA.
About PayPal
Fueled by a fundamental belief that
having access to financial services creates
opportunity, PayPal Holdings, Inc. (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 237
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 www.paypal.ca, PayPal Stories and @PayPalCA.
For PayPal Holdings, Inc. financial information,
visit https://investor.paypal-corp.com.
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SOURCE VISA Canada Corporation