PayPal and Visa Partner to Enhance Customer Experience
PayPal and Visa announced a partnership that could change the way consumers pay with their PayPal and Venmo wallets.
The agreement will make it easier for Visa cardholders to pay with PayPal by:
- making Visa the default payment option when enrolling or paying with PayPal
- offering Visa digital card images in payment flows
PayPal will also join with the Visa Digital Enablement Program (VDEP), which will enhance transaction security and expand acceptance for PayPal’s digital wallet. Going forward, it will be accepted wherever Visa contactless transactions are accepted.
Visa customers will now be able to withdraw money from their PayPal and Venmo accounts, and transfer them to their bank accounts via Visa Direct.
“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 Visa who share our vision,” said Dan Schulman, PayPal’s president and chief executive officer. “This agreement opens new avenues for PayPal to collaborate with Visa, financial institutions, and others in the payments ecosystem to deliver greater value, more choice, and new experiences for our joint customers wherever they transact—online, in-app or in-store.”
“We are excited to begin a new chapter with PayPal. Our agreement provides a framework for our companies to work together collaboratively,” said Charlie Scharf, Visa’s chief executive officer. “PayPal has built industry leading capabilities which complement those of Visa and our clients, and working together, we will be able to deliver better solutions for consumers and merchants. At Visa, we are focused on growth by providing our issuer and acquirer clients—and their clients, merchants and consumers—with the best way to pay and be paid everywhere and this agreement supports this approach.”