NEW YORK & SAN JOSE, Calif.--(BUSINESS WIRE)--American Express (NYSE: AXP) and PayPal (NASDAQ: PYPL), today announced an expanded strategic partnership that will improve the digital payments experience for U.S. American Express Card Members paying with PayPal and Venmo. The companies will work closely on a host of solutions for joint customers to include the use of Membership Rewards points for PayPal purchases and an integrated peer-to-peer payment experience. As part of the agreement, both companies will also explore additional innovative digital products and experiences.
Through this partnership, U.S. American Express Card Members will have the opportunity to:
- Use Membership Rewards points for purchases at millions of PayPal merchants online.
- Send money via Venmo or PayPal to friends and family directly from the Amex mobile app.
- Easily add American Express Cards to the PayPal wallet directly from the Amex mobile app or website.
- Pay their American Express bill with their PayPal or Venmo balance via the PayPal Instant Transfer feature.
- More clearly identify their specific American Express Cards in the PayPal wallet with Card-specific branding.
“This partnership is the product of our companies’ strong commitment to create innovative payment experiences that utilize both organizations’ core assets, including the ability for customers to pay with American Express Membership Rewards points and the integration of peer-to-peer payments into the Amex app,” said Dan Schulman, President and CEO, PayPal. “Our new partnership expands PayPal’s ubiquity, and enables us to offer consumers and merchants new and innovative product experiences. We are pleased to partner with American Express as it is a clear demonstration of positive innovation for our customers that is made possible through partnership.”
“Together we will streamline and expand the online and mobile payments experience for our Card Members, helping us become a more essential part of their digital lives,” said Stephen J. Squeri, Chairman and CEO, American Express. “This strategic partnership with PayPal will open up the use of Membership Rewards points at more small and medium-sized businesses than ever and make peer-to-peer payments more seamless for Card Members.”
PayPal will be integrating into the American Express Token Service, as well as continuing its global card acceptance relationship. PayPal and American Express will work together to implement all of these features over the course of 2019.
ABOUT AMERICAN EXPRESS
American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, instagram.com/americanexpress, linkedin.com/company/american-express, twitter.com/americanexpress, and youtube.com/americanexpress.
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Fueled by a fundamental belief that having access to financial services creates opportunity, PayPal Holdings, Inc. (NASDAQ: PYPL) is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy. Our open digital payments platform gives PayPal’s 244 million active account holders the confidence to connect and transact in new and powerful ways, whether they are online, on a mobile device, in an app, or in person. Through a combination of technological innovation and strategic partnerships, PayPal creates better ways to manage and move money, and offers choice and flexibility when sending payments, paying or getting paid. Available in more than 200 markets around the world, the PayPal platform, including Braintree, Venmo and Xoom, enables consumers and merchants to receive money in more than 100 currencies, withdraw funds in 56 currencies and hold balances in their PayPal accounts in 25 currencies. For more information on PayPal, visit https://www.paypal.com/about. For PayPal Holdings, Inc. financial information, visit https://investor.paypal-corp.com.
Information Related To Forward-Looking Statements
This release includes forward-looking statements that reflect expectations about the companies’ future operating plans and product functionality. These forward-looking statements are subject to risks and uncertainties. The words “believe,” “expect,” “anticipate,” “intend,” “plan,” “aim,” “will,” “may,” “should,” “could,” “would,” “likely,” and similar expressions are intended to identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. American Express and PayPal undertake no obligation to update or revise any forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the ability of the companies to collaborate or develop capabilities, features and functionalities, successfully integrate them in their platforms and technologies and launch the solutions in accordance with agreed upon conditions. A further description of such factors can be found in the companies’ annual, quarterly and other reports filed with the SEC. More details will be announced as the solutions become available.