Discover and Paypal Partner to Deliver New Digital Payment Experiences

Discover Financial Services (DFS) and PayPal have signed an agreement
making PayPal more widely available to Discover cardmembers, acquirers
and merchants.

The agreement provides PayPal with access to Discover’s tokenization
services, expanding PayPal’s reach at the point of sale, which will
enable U.S. PayPal customers to pay with their Discover cards at all of
the contactless-enabled merchants that accept Discover.

As part of the agreement, Discover and PayPal plan to enable PayPal
customers with eligible Discover cards to use their Cashback Bonus® to
pay for purchases at the millions of online and mobile merchants that
accept PayPal. After enablement, Discover cardmembers will be able to
view and use their available Cashback Bonus while using PayPal to
pay for all or part of a purchase.

“Discover is focused on making the payments experience seamless and
secure for both cardmembers and our merchant partners,” said Diane
Offereins, President of Payment Services at Discover. “This agreement
with PayPal helps expand consumer payment choices by providing
additional ways to transact, and builds on the growing adoption of
digital payments.”

“The agreement with Discover leverages each company’s core assets, will
add value to everyday spending, and deliver great customer experiences,”
said Bill Ready, Chief Operating Officer, PayPal. “Discover has been a
long-term strategic partner for PayPal, and we expect that collaborative
relationship to continue as we work to offer our joint customers more
choice and increased value online, in app and in store.

Discover cards will be presented as a clear payment option within the
PayPal wallet, making Discover easily identifiable to cardmembers when
paying.

About Discover

Discover Financial Services (NYSE: DFS) is a direct banking and payment
services company with one of the most recognized brands in U.S.
financial services. Since its inception in 1986, the company has become
one of the largest card issuers in the United States. The company issues
the Discover card, America’s cash rewards pioneer, and offers private
student loans, personal loans, home equity loans, checking and savings
accounts and certificates of deposit through its direct banking
business. It operates the Discover Network, with millions of merchant
and cash access locations; PULSE, one of the nation’s leading ATM/debit
networks; and Diners Club International, a global payments network with
acceptance in more than 185 countries and territories. For more
information, visit www.discover.com/company.

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