Deal Will Enable Citi Cardmembers to Use ThankYou Points at PayPal
NEW YORK--(BUSINESS WIRE)--
Today, Citi and PayPal announced an expansion of their strategic
agreement that will broaden consumer payment choices by enabling
eligible Citi cardmembers to use their ThankYou Points to pay for all or
part of purchases when shopping online at millions of merchants that
accept PayPal in the United States. This functionality is slated to
launch in 2018.
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"At Citi, we continuously strive to enable consumers to transact when
they want and how they want," said Ralph Andretta, Head of U.S. Branded
Cards, Citi. "Our expanded agreement with PayPal will enable our 14
million ThankYou Rewards members in the U.S. to utilize an innovative,
intuitive new channel to redeem their points. We also look forward to
offering this capability on a global scale in the near future."
In 2016, Citi entered into a strategic agreement with PayPal to enable
cardmembers to use their cards with PayPal seamlessly - online, in-app
and in store. The agreement also included a plan to tokenize cards for
customers wishing to use PayPal for in-store purchases, across
Mastercard and Visa portfolios in the U.S.
"This agreement with Citi is about deepening our relationship as well as
creating a deeper platform integration that can add value to our joint
customers," said Gary Marino, Chief Commercial Officer at PayPal. "Soon
we can offer a new way for Citi cardmembers to purchase items online
with Citi ThankYou Points at millions of our merchants in the U.S. These
new capabilities showcase the power and flexibility of our technology
This announcement follows the introduction of a series of new,
innovative enhancements to Citi's mobile offerings including the ability
to dispute certain credit card charges, view or download PDF statements,
as well as track the steps of their replacement credit card delivery in
real-time within the Citi Mobile App.
Citi, the leading global bank, has approximately 200 million customer
accounts and does business in more than 160 countries and jurisdictions.
Citi provides consumers, corporations, governments and institutions with
a broad range of financial products and services, including consumer
banking and credit, corporate and investment banking, securities
brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com |
Twitter: @Citi |
YouTube: www.youtube.com/citi |
Blog: http://blog.citigroup.com |
Facebook: www.facebook.com/citi |
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 203 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 https://www.paypal.com/about.
For PayPal financial information, visit https://investor.paypalcorp.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170720005364/en/
Jennifer Bombardier, 718-248-4652
Source: Citi and PayPal
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