Barclays and PayPal team up for digital payments
Barclays and PayPal have collaborated to make digital payments easier for customers in the UK and the US.
The move will allow Barclays customers to use their PayPal accounts on the bank’s online and mobile platforms and Barclays products can be used on PayPal accounts.
An example of a feature is customers will be able to add Barclays cards to their PayPal wallets; have these cards automatically updated when they expire; and see the Barclays card image in the PayPal wallet to help easily select their preferred way to pay.
A PayPal spokesperson said: “Partnership has become a core part of PayPal’s strategy, to accelerate innovation and adoption of digital payments. This approach has seen us join forces with some companies that may have once been perceived as competitors. We now have agreements with partners across the entire payments ecosystem: including banks, card issuers, and technology leaders. Through drawing on our own unique strengths and those of our partners we can make payments as simple, secure and efficient as possible for our shared customers worldwide.
“This is the first bank partnership of its kind that we have agreed in the UK. It’s a major step for PayPal to be collaborating with one of the UK’s leading banks.
“Globally, we have established more than 25 strategic partnerships across the sector in the last 20 months. By joining forces with banks, technology companies, card issuers, merchant and others, we can realise the full potential of digital technology in transforming financial services.”
Ashok Vaswani, Barclays UK CEO, says: “Our customers and clients live in an increasingly connected world and this is why we are working with PayPal to make services more joined up and convenient for them. By joining forces, we can make it much easier for people to manage their money and payments.
“Each of these new features – whether removing the hassle of updating an expired card, connecting with Pingit, or being able to see all your finances in one place, are about designing the very best customer experience.”
In the first quarter of 2018, PayPal saw its revenue grow 24% year-on-year to $3.69bn with 8.1 million new active accounts added and 2.2 billion payment transactions.