Visa, PayPal strike partnership in digital payments
PayPal Inc. and Visa Inc. said late Thursday they struck a partnership in digital payments, vowing to work "more collaboratively" to accelerate the adoption of such payments. PayPal customers will be able to choose to pay with their Visa cards and PayPal will not encourage Visa cardholders to link to a bank account. PayPal will join a Visa digital program to expand the points of sale where it is accepted, and PayPal will be accepted in all physical retail locations where certain Visa transactions are enabled. In addition, consumers will be able to instantly withdraw and move money from PayPal and Venmo accounts to their bank account via their Visa debit card. Shares of Visa were flat in late trading and PayPal shares rose 1.9%. Both companies also reported second-quarter earnings on Thursday.
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