Visa, PayPal extend payments collaboration to Europe
Visa and PayPal have extended their strategic partnership to Europe to speed up the adoption of secure online, in-app and in-store payments.
Both the firms are already collaborating in the US and Asia Pacific and the latest move will bring the benefits of the partnership to European consumers and businesses.
PayPal, using its banking license in Europe, is joining the Visa network of client financial institutions and will be able to offer Visa accounts in Europe. The partnership will allow consumers and businesses to use their PayPal funds to spend wherever Visa is accepted across the globe.
The partnership paves ways for financial companies to provide their Visa account holders the ability to checkout anywhere PayPal is accepted online.
Furthermore, the collaboration will also facilitate the acceptance of PayPal by European businesses that accept Visa in physical locations, providing growth opportunities for Visa, PayPal and their customers:
Visa CEO for Europe region Bill Sheedy said: “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.
“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.”
PayPal (Europe) executive vice president and CEO Rupert Keeley said: “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.”