Partnerships / Acquisitions

Visa And PayPal Extend Partnership To Canada

Visa and PayPal announced news on Wednesday (May 9) that they have expanded their strategic partnership to include Canada, where the two companies will work together to accelerate adoption of secure, reliable and convenient digital and mobile payments for consumers and merchants.

In a press release, Visa and PayPal said they’ve already collaborated in the U.S., Asia-Pacific and Europe and are now including Canada in their efforts. According to the two companies, the goal of the partnership is to help create a seamless experience for consumers when they pay with a Visa credit card at places that accept PayPal. Consumers in Canada will be able to add Visa cards to their PayPal digital wallet easily from other banking apps.

The partnership also enables PayPal users to access Visa Direct, Visa’s real-time payments solution, which can be used to move funds more easily from a PayPal account to a Visa debit card in real time. The two payments companies have also agreed to extend participation in the Visa Digital Enablement Program, which provides Visa’s partners with access to tokenization technology. With the tech, simple and secure payments can be made on mobile phones or any other internet-connected device.

“This partnership will open new avenues for Visa and PayPal to collaborate to honor consumer choice and provide greater benefits to merchants and issuers,” said Stacey Madge, country manager and president, Visa Canada, in the press release. “By working together, we will be able to bring more innovative products and enhance payment experiences online, in-app and in-store for our joint customers.”

Meanwhile, Paul Parisi, president of PayPal Canada, said in the same press release that PayPal and Visa are leaders in building digital and mobile payment experiences for the masses.

“We are delighted to collaborate and drive greater value for our 6.5 million customers in Canada by offering them more choice in how and where they pay,” Parisi added.

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NEW PYMNTS STUDY: LEVERAGING THE DIGITAL BANKING SHIFT – SEPTEMBER 2020  

The September 2020 Leveraging The Digital Banking Shift Study, PYMNTS examines consumers’ growing use of online and mobile tools to open and manage accounts as well as the factors that are paramount in building and maintaining trust in the current economic environment. The report is based on a survey of nearly 2,200 account-holding U.S. consumers.

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