Bank of America has entered into a strategic partnership with PayPal that will enable its clients use PayPal’s payment services in-store, online and in-app, as well as link their bank cards into PayPal.
The agreement, which will take effect immediately, will give the bank access to PayPal‘s tokenization services, which will let users to use PayPal for in-store purchases, across MasterCard and Visa portfolios in the US.
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Apart from that, Bank of America card users will be able to use their PayPal accounts in-store through the PayPal mobile wallet, which supports PayPal’s forthcoming NFC mobile wallet experience.
The partnership will also let PayPal clients to link their Bank of America cards into their PayPal Wallets.
Bank of America head of enterprise payments Mark Monaco said: “We’re always looking at ways we can deliver secure, convenient and fast payment solutions to meet our customers’ needs. Whether it is in-store, in-app or online, this partnership provides yet another option for the empowerment of customers.”
PayPal chief commercial officer Gary Marino said: “This partnership will give us the opportunity to work with Bank of America to reach and serve new customers, improve security capabilities, enhance our mobile leadership and offer our millions of joint customers more choice when paying online, in apps and in stores.”
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