PayPal, Visa expand strategic partnership into Canada for digital, mobile payments
Visa and PayPal are expanding their strategic partnership in Canada to accelerate the adoption of secure, reliable and convenient digital and mobile payments for consumers and merchants in Canada, according to a press release.
The two companies are already collaborating in the U.S., Asia Pacific and Europe.
The partnership is intended to create an easy 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, according to the release.
It also enables PayPal to leverage Visa Direct (Visa's real-time payments product), which enables 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. The program provides Visa's partners with access to tokenization 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 honor consumer choice and provide greater benefits to merchants and issuers," Stacey Madge, country manager and president for Visa Canada, said in the release. "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," Paul Parisi, president of PayPal Canada, said in the release.