Exciting news! Discover® and PayPal™ just announced an important initiative to make PayPal available at millions of in-store locations across the U.S. starting in 2013. This arrangement will make it easy for merchants to adopt innovative payment solutions and drive multi-channel commerce across physical store and online channels.
Discover will facilitate in-store PayPal transactions by utilizing Discover’s unique payment infrastructure. In return, Discover expects to experience an increase in transaction volume for purchases made. Working with PayPal, Discover is continuing to transform the emerging payments landscape by supporting relevant new technologies and nontraditional methods of payment to facilitate cross-channel commerce.
To allow PayPal customers to shop, buy and pay at millions of locations nationwide, PayPal will issue a PayPal branded card. PayPal has over 50 million U.S. account holders who are digitally engaged and highly valued shoppers. This rapidly growing population uses their PayPal account regularly across a wide range of merchants. PayPal enables consumers to store all their payment options – bank account, debit and credit cards, prepaid cards, money – into one account, and PayPal uses the payment option of the consumer’s choice. These consumers trust and highly value the additional security, speed and simplicity that PayPal brings, and will be able to enjoy the same benefits in-store as they do today online.
PayPal has become one of the largest merchants on the Discover Network and is the backbone for the successful P2P payments platform, Money Messenger. Since Discover already facilitates payments through PayPal’s Bill Me Later division, this new agreement further expands the multifaceted relationship we’ve held with PayPal for the past decade.
This ground-breaking relationship creates an opportunity for all parties to help lead the market and become the forefront of the commerce revolution.
To read the Press Release, click here.
*for participating merchants and acquirers.