Visa and PayPal extend partnership to accelerate adoption of digital and mobile payments in Canada
May 09, 2018, 07:00 ET
Digital partnership will enhance the payment experience online, in-app and in store for consumers in Canada
TORONTO, May 9, 2018 /PRNewswire/ - Visa (NYSE:V) and PayPal (Nasdaq: PYPL) today announced an extension of their strategic partnership to Canada that will see them work collaboratively to accelerate the adoption of secure, reliable and convenient digital and mobile payments for consumers and merchants in Canada. The two companies are already collaborating in the U.S., Asia Pacific and Europe. This latest step brings the benefits of the partnership to Canadian consumers and businesses.
The partnership creates a seamless experience for consumers who choose to pay with their Visa card at places that accept PayPal. Through collaboration between bank partners and PayPal, consumers will be able to add Visa cards into the PayPal digital wallet easily from other banking apps.
It also enables PayPal to leverage Visa Direct (Visa's real-time payments solution), which allows Visa cardholders to more easily move funds from their PayPal account to an eligible Visa debit card in real-time.
In addition, Visa and PayPal have agreed to extend participation in the Visa Digital Enablement Program (VDEP). VDEP provides Visa's partners with access to tokenisation technology, which enables simple and secure payment on mobile phones or any connected device. This will help expand the use of PayPal to businesses that accept Visa in physical locations.
"This partnership will open new avenues for Visa and PayPal to collaborate to honour consumer choice and provide greater benefits to merchants and issuers," said Stacey Madge, Country Manager and President, Visa Canada. "By working together, we will be able to bring more innovative products and enhance payment experiences online, in-app and in store for our joint customers."
"PayPal and Visa are leaders in building incredible digital and mobile payment experiences. We are delighted to collaborate and drive greater value for our 6.5 million customers in Canada by offering them more choice in how and where they pay," shared Paul Parisi, President, PayPal Canada.
About Visa Inc.
Visa Inc. (NYSE: V) is the world's leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company's relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit visa.ca, visacorporate.tumblr.com and @VisaNewsCA.
About PayPal
Fueled by a fundamental belief that having access to financial services creates opportunity, PayPal Holdings, Inc. (NASDAQ: 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 237 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 www.paypal.ca, PayPal Stories and @PayPalCA. For PayPal Holdings, Inc. financial information, visit https://investor.paypal-corp.com.
SOURCE VISA Canada Corporation