Digital Banking

BofA Consumers Can Add Credit, Debit Cards To PayPal From Mobile Banking App

Bank of America announced news on Tuesday (March 20) that customers can now add multiple credit and debit cards to their PayPal account without having to use a laptop or desktop computer.

In a press release, Bank of America said customers can add cards through the bank’s mobile banking app — a result of the initial integration of a partnership between Bank of America and PayPal, which was announced in July 2017. The ability to add cards within PayPal will come later this year, the company said. The integration with PayPal is part of the financial institution’s effort to deliver innovative payment services to its more than 24 million active mobile users.

“It’s all about providing our customers the most convenient and secure payments experience possible,” said Mark Monaco, head of Enterprise Payments at Bank of America, in a press release announcing the integration. “As the face of money continues to become more digital, Bank of America remains committed to giving our customers the ability to use any major wallet or payment method they choose, including PayPal.”

According to Bank of America, its customers have been adopting digital payments at record rates. Although the percent of mobile wallet transactions are small compared to traditional payment methods, transactions doubled over the past year.

At the same time that Bank of America is embracing digital payments, it's also expanding its retail footprint. Last month, the bank said it’s planning to open more than 500 new branches across the U.S. over the course of the next four years. In a press release, the bank said the 500 new branches include a move into the state of Ohio, offering retail banking services in Cincinnati, Cleveland and Columbus. The financial institution said it already provides commercial and business banking in the state via Merrill Lynch. The growth in Ohio, according to the financial institution, follows similar growth in Denver, Minneapolis and Indianapolis. The bank recently announced plans to expand in Pittsburgh as well.

——————————

LIVE PYMNTS TV OCTOBER SERIES: POWERING THE DIGITAL SHIFT – B2B PAYMENTS 2021 

Banks, corporates and even regulators now recognize the imperative to modernize — not just digitize —the infrastructures and workflows that move money and data between businesses domestically and cross-border.

Together with Visa, PYMNTS invites you to a month-long series of livestreamed programs on these issues as they reshape B2B payments. Masters of modernization share insights and answer questions during a mix of intimate fireside chats and vibrant virtual roundtables.

TRENDING RIGHT NOW