Paypal has announced new partnerships with Citibank and fintech firm FIS. This follows on from deals struck with Visa and MasterCard earlier in the year.
The aim is to further bolster Paypal mobile capability and enhance their mobile wallet capability by making it available to more customers.
Jim Magats, PayPal VP of payments product and engineering said: “What we did with Visa and Mastercard is to give our customers, using these network-branded funding instruments, the ubiquity to use PayPal anywhere they want — in-store, online and in-app — and to have one consistent experience across all of those channels. These partnerships with Citi and FIS are the first public validations of our commitment to delivering on that promise.”
He continues: “Especially for these smaller banks, who may not offer a competitive credit card program, this is a great way to go back to their customers and say, ‘We can be digitally enabling. They have an opportunity to see PayPal and Venmo as a partner for omnichannel transactions, for P2P transactions.”
Currently this looks like it’s a stateside deal at the moment and it will take time to find out what this means on a day to day basis but PayPal is clearly investing and innovate to retain its current market leading position.
