PayPal and Visa have extended their domestic partnership arrangement to outside the U.S., specifically Asia Pacific
The 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 tokenization 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.
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.