European consumers to see benefits from Visa, PayPal partnership
Visa and PayPal are extending their strategic partnership to Europe to accelerate the adoption of secure and convenient online, in-app and in-store payments, according to a press release.
The companies already were doing this in the U.S. and Asia-Pacific region.
Additionally, PayPal — under its banking license in Europe — is joining the Visa network of client financial institutions and will be able to offer Visa accounts in Europe, enabling consumers and businesses to use their PayPal funds to spend wherever Visa is accepted worldwide.
"Visa and PayPal have a shared goal of giving consumers a safe, convenient way to pay using their preferred device. Expanding our partnership into Europe provides greater consumer choice and benefits merchants," said Bill Sheedy, CEO of the Europe region for Visa. "By having the option to issue Visa accounts in Europe, PayPal will now have the ability to offer customers new and innovative ways to manage and move their money regardless of platform or device."
The European partnership agreement makes it easier for financial institutions to offer their Visa account holders the ability to checkout anywhere PayPal is accepted online by offering greater consumer choice, according to the release. It will also expand the acceptance of PayPal by European businesses that accept Visa in physical locations.