Under the terms of the agreement, the service is set to enable USAA’s members to carry out mobile payments in real time via an e-mail address or mobile phone number, with money accessed form their USAA Bank accounts. This offering is expected to be available in 2011.
Dan Schatt, GM of Financial Innovations at PayPal, has indicated via an entry on the PayPal blog that the partnership with USAA Bank marks PayPal’s intention to work with several financial institutions in order to expand PayPal’s services in the financial area.
More recently, PayPal has entered a partnership with Malaysia-based financial services provider RHB Banking Group to provide the latter with virtual wallet services.
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