FIS and PayPal have expanded their partnership so that cardholders of institutions participating in the FIS Premium Payback network can use their rewards points to pay for things at PayPal merchants all around the world, according to a press release.
This new integration means that FIS is the first non-bank payment processor to sync up with PayPal’s Pay with Rewards. Cardholders will be able to start using the service in the third quarter of this year.
“Cardholders in FIS’ Premium Payback loyalty network will soon be able to easily link their reward[s] points to their account[s] with PayPal, enabling mutual customers to use their eligible rewards points to pay for eligible purchases via PayPal at their favorite retail brands. The new agreement builds on an existing relationship between FIS and Worldpay for processing card payments for PayPal customers in more than 50 markets around the world,” the release said.
There are thousands of financial institutions that make up more than 7,000 card loyalty programs enrolled in the FIS Premium Payback space. When a cardholder chooses to use PayPal as a payment method, they’ll have the option to transform their loyalty point balance into a form of payment.
“Our partnership with FIS will help us extend Pay with Rewards to even more customers, offering more payment choice to our joint customers,” said Jim Magats, senior vice president of global payments at PayPal. “The combination of FIS’ wide-reaching loyalty program, which services thousands of financial institutions, and PayPal’s network of 24 million global merchants will enable millions of additional cardholders to use loyalty points for PayPal purchases.”
Jim Johnson, head of Americas payments and wealth at FIS, said the partnership’s expansion creates a new way for people to use both services.
“It’s exciting that two leading pioneers in the Loyalty-as-a-Currency space are joining forces to open new lanes of commerce,” Johnson said. “This new partnership with PayPal demonstrates FIS’ drive to turn loyalty programs into a strategic differentiator for our financial institution clients, and create a seamless new payment experience for their cardholders.”