Companies Collaborate to Accelerate the Adoption of Digital Payments
The partnership puts
Details of this agreement include:
Enhanced Consumer Choice and Improved Experience for
VisaCardholders: PayPalwill make it easier for new and existing customers to choose to pay with their Visacards and ensure a more seamless experience:
Visacards will be presented as a clear and equal payment option during enrollment and subsequent payments, with an easy ability for consumers to set as their preferred payment method
Visadigital card images will be incorporated into payment flows
PayPalwill not encourage Visacardholders to link to a bank account via ACH
PayPalwill also support and work with issuers to identify consumers who choose to migrate existing ACH payment flows to their Visacards
PayPalwill Join the VisaDigital Enablement Program (VDEP) to Expand Pointof Sale Acceptance: PayPalwill join VDEP, a commercial framework for Visapartners to access Visa's token services and other digital capabilities in the United States. This will enhance transaction security and expand acceptance for PayPal's digital wallet to all physical retail locations where Visacontactless transactions are enabled. Consistent with VDEP, issuers will be able to choose whether to participate and retailers can expect to pay fees that are consistent with other contactless transactions they accept today.
Instant Withdrawal of Money: Consumers will be able to
instantly withdraw and move money from their
PayPaland Venmo accounts to their bank account via their Visadebit cards leveraging VisaDirect - providing an experience that offers speed, security and convenience.
Enhanced Data Quality:
PayPalwill ensure that data provided to issuers and their cardholders for Visa-funded transactions will be consistent with the information that is received with traditional Visacard transactions. This will ensure a better consumer experience, reduce cardholder confusion, ensure proper application of rewards, and reduce costly and time-consuming disputes.
Economic Incentives: The agreement affords
PayPalcertain economic incentives, including Visaincentives for increased volume, and greater long-term Visafee certainty.
"Giving consumers choice in how and where they pay is essential to our
goal of being a customer champion and we welcome the opportunity to work
with more partners like
"We are excited to begin a new chapter with PayPal. Our agreement
provides a framework for our companies to work together
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