PayPal has signed a payments agreement with JPMorgan Chase and a rewards-focussed deal with Citigroup.
The agreement will allow JPMorgan Chase’s customers to link their cards via Chase Pay to their PayPal Wallet and make purchases via PayPal by using their reward points. In addition, merchants using Braintree and PayPal can add Chase Pay as a payment option.
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PayPal will process Chase card transactions on the bank’s closed-loop payment network known as ChaseNet as part of the agreement.
PayPal CEO Dan Schulman said: “Our deep platform integration will add tremendous value to consumers who can now use PayPal and Chase products in more places, but also create new payment methods that will allow consumers to have more spending power at our millions of merchant locations online, in app and in store.”
In December 2016, PayPal inked a similar agreement with Citi to allow the bank’s cardholders to use their cards with PayPal online, in-app and in store.
The payments provider has now expanded that partnership to allow Citi cardholders to use their ThankYou Points to pay for their online purchases at merchants that accept PayPal.
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By GlobalDataCiti head of US branded cards Ralph Andretta said: “Our expanded agreement with PayPal will enable our 14 million ThankYou Rewards members in the U.S. to utilize an innovative, intuitive new channel to redeem their points. We also look forward to offering this capability on a global scale in the near future.”
