PayPal also struck a deal with Visa to stop encouraging customers to link to bank accounts, ft.com reports. In return, the online payments company gains a boost to its physical presence, giving it access to Visa’s contactless payment points in US retail stores. Visa is paying PayPal a fee based on the volume of payments that PayPal steers towards Visa.
New services from PayPal include Xoom, the cross-border payments app that PayPal bought in 2015, and Venmo, a peer-to-peer payments app popular with US millennials.
MasterCard and PayPal already have a co-branded consumer credit card scheme, and the companies disclosed recently they had extended that deal.
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