The agreement, which will be settled by 2018, will allow Chase customers to use their reward points to make purchases through PayPal. Similarly, PayPal will also be able to process payments on ChaseNet, JPMorgans payment network.
Chase Pay, the bank’s own mobile payments application, is accepted as a payment method at big merchants such as Starbucks, but lack coverage for ecommerce and technology businesses.
Despite this latest partnership, the two companies will still compete in other sectors. Last month, the bank connected its smartphone apps to Zelle, a money-transfer service that rivals PayPals Venmo unit.
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