PayPal and Bank of America Strike Payments Partnership | Finance Magnates

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PayPal and Bank of America announced an expanded partnership Thursday enabling BofA’s consumers to use PayPal’s payment services in-store, online and in-app, as well as seamlessly link their bank cards into PayPal.

As part of the agreement, BofA will gain access to PayPal ‘s tokenization services, which will allow the bank customers to pay with their PayPal accounts to make in-store purchases at contactless-enabled merchants across MasterCard and Visa portfolios in the U.S.

In addition, BofA cardholders will be able to use their PayPal account in store through the PayPal mobile wallet, which supports PayPal’s forthcoming NFC mobile wallet experience and reflects Bank of America’s open wallet strategy.

The deal also will make it easy for PayPal customers to link their BofA cards to their PayPal account.

Mark Monaco, head of Enterprise Payments at Bank of America, commented: “We’re always looking at ways we can deliver secure, convenient and fast payment solutions to meet our customers’ needs,” said. “Whether it is in-store, in-app or online, this partnership provides yet another option for the empowerment of customers.”
Gary Marino, chief commercial officer at PayPal added: “At PayPal, we continue to partner with the most innovative and respected companies in technology, mobile and financial services. This partnership will give us the opportunity to work with Bank of America to reach and serve new customers, improve security capabilities, enhance our mobile leadership and offer our millions of joint customers more choice when paying online, in apps and in stores.”