Bank of America and PayPal Partner to Enable In-Store Payments and Account Linking
Agreement Will Offer Joint Customers a Secure Way to Pay Online, in
Apps and in Stores
CHARLOTTE, N.C. & SAN JOSE, Calif.--(BUSINESS WIRE)--
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
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
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 America
Bank 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.
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 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170726006265/en/
Reporters May Contact:
Betty Riess, Bank of America, 415.913.4416
Chris Morse, PayPal, 914.413.3045
Source: Bank of America
News Provided by Acquire Media