PayPal and Visa are collaborating on an initiative aimed at accelerating the adoption of digital and mobile payments by Asia Pacific consumers and merchants.
The collaboration extends PayPal and Visa’s partnership in the US market as the two companies look for joint growth opportunities in new markets.
According to both companies, the partnership makes it easier for Visa issuing banks in Asia Pacific to offer their cardholders the ability to check out anywhere PayPal is accepted online – and also expands the use of PayPal to retailers that accept Visa in physical locations.
Under the collaboration, Visa and PayPal have agreed to extend participation in the Visa Digital Enablement Programme (VDEP) which provides Visa partners with access to tokenisation technology enabling payment on mobile phones or any connected device.
{loadposition peter}And Visa will provide the option for PayPal to leverage Visa Direct — Visa's push payments solution — allowing PayPal customers to move funds to their Visa accounts in real time across multiple markets.
Dr Rohan Mahadevan, senior vice-president for PayPal Asia Pacific, says the partnership agreement is a strong signal that the company’s decision to partner in the US in 2016 was “the right thing to do for PayPal, Visa and our millions of merchants and consumers in this region”.
“We look forward to partnering with Visa to offer more choice and better experiences together online, in app and in store within Asia Pacific."
"Visa and PayPal are aligning our businesses to bring best in class payment services to the entire ecosystem," said Chris Clark , group executive, Asia Pacific, Visa.
"From emerging markets where we'll give consumers greater access to electronic payments to driving more seamless ways to pay in developed markets, Visa and PayPal will deliver new commerce experiences across the region."