SINGAPORE, April 5, 2017 /PRNewswire/ -- PayPal (PYPL) and Visa (NYSE:V) today announced an extension of their U.S. partnership in Asia Pacific that will see them work collaboratively to accelerate the adoption of secure, reliable and convenient digital and mobile payments for consumers and merchants in markets throughout the region.
This partnership makes it easier for Visa issuing banks in Asia Pacific to offer their cardholders the ability to checkout anywhere PayPal is accepted online. It also expands the use of PayPal to retailers that accept Visa in physical locations.
The agreement is an extension of the strategic partnership between PayPal and Visa in the United States, announced in July 2016 and provides joint growth opportunities based on the following:
- Customer Choice: PayPal and Visa will create a more seamless experience for consumers who choose to pay with their Visa card at retailers that accept PayPal. Through collaboration with Visa bank partners, consumers will be able to easily add Visa cards into PayPal from other banking apps.
- Digital collaboration: Visa and PayPal agree to extend participation in the Visa Digital Enablement Program (VDEP). VDEP provides Visa's partners with access to tokenisation technology, which enables payment on mobile phones or any connected device. This will expand the use of PayPal to retailers that accept Visa in physical locations.
- Joint service propositions for emerging markets: PayPal and Visa will work together to expand access to enable the use of electronic payments in emerging markets in the Asia Pacific region.
- Easier and faster access to funds: Visa will provide the option for PayPal to leverage Visa Direct (Visa's push payments solution), allowing PayPal customers to move funds to their Visa accounts in real time across multiple markets.
"We could not be more proud of our extended partnership agreement with Visa in the Asia Pacific markets," said Dr. Rohan Mahadevan, Senior Vice President for PayPal Asia Pacific. "This is a strong signal that our decision to partner in 2016 was the right thing to do for PayPal, Visa and our millions of merchants and consumers in this region. We look forward to partnering with Visa to offer more choice and better experiences together online, in app and in store within Asia Pacific."
"Visa and PayPal are aligning our businesses to bring best in class payment services to the entire ecosystem," said Chris Clark, Group Executive, Asia Pacific, Visa. "From emerging markets where we'll give consumers greater access to electronic payments to driving more seamless ways to pay in developed markets, Visa and PayPal will deliver new commerce experiences across the region."
Fueled by a fundamental belief that having access to financial services creates opportunity, PayPal (PYPL) is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy. Our open digital payments platform gives PayPal's nearly 200 million active account holders the confidence to connect and transact in new and powerful ways, whether they are online, on a mobile device, in an app, or in person. Through a combination of technological innovation and strategic partnerships, PayPal creates better ways to manage and move money, and offers choice and flexibility when sending payments, paying or getting paid. Available in more than 200 markets around the world, the PayPal platform, including Braintree, Venmo and Xoom, enables consumers and merchants to receive money in more than 100 currencies, withdraw funds in 56 currencies and hold balances in their PayPal accounts in 25 currencies. For more information on PayPal, visit https://www.paypal.com/about. For PYPL financial information, visit https://investor.PayPal-corp.com.
Visa Inc. (NYSE:V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world's most advanced processing networks -- VisaNet -- that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead with prepaid or pay later with credit products. For more information, visit usa.visa.com/about-visa, visacorporate.tumblr.com and @VisaNews.