JPMorgan Chase and PayPal Strike Payments Partnership to Enhance Payments Online, in App and in
Store
Chase consumers will be able to seamlessly link their Chase cards to PayPal and pay with Ultimate
Rewards points when linked to Chase Pay where PayPal is accepted online and in app
JPMorgan Chase (NYSE:JPM) and PayPal (NASDAQ:PYPL), two global payments leaders, have announced a partnership that will make it
easy to add Chase cards via Chase Pay to PayPal accounts, and will soon offer customers the option of paying with Ultimate Rewards
points when linked through Chase Pay at PayPal’s millions of online merchants.
In addition, PayPal will have the ability to process payments on ChaseNet, a unique, closed-loop payment network.
“We’re excited to partner with PayPal -- both our companies have been innovators in payments and we share a focus on making the
payment experience simpler for our customers and merchants,” said Gordon Smith, CEO of Consumer & Community Banking at
Chase.
Highlights of the partnership:
- Chase customers will be able to seamlessly link their Chase cards via Chase Pay to their PayPal
Wallet and have the option to pay with Ultimate Rewards points when linked through Chase Pay at PayPal’s millions of online
merchants
- Chase and PayPal will make it easy for PayPal customers to link their Chase cards to their PayPal
account
- J.P. Morgan will process Chase card payments from PayPal via ChaseNet
- Chase cardholders will be able to use their PayPal account in store through the PayPal mobile
wallet
- Braintree will make Chase Pay available as a payment method for its merchants to integrate into their
checkout experiences
- A pipeline of future payments innovations will benefit approximately 94 million credit, debit and
pre-paid card accounts, and four million businesses Chase serves
“This partnership is about deepening our relationship and leveraging each other’s core assets to deliver simple, secure and
truly transformative payment experiences for our joint customers,” said Dan Schulman, PayPal's CEO. “Our deep platform integration
will add tremendous value to consumers who can now use PayPal and Chase products in more places, but also create new payment
methods that will allow consumers to have more spending power at our millions of merchant locations online, in app and in
store.”
About Merchant Services and Chase Pay from JPMorgan Chase & Co.
Merchant Services is the payment acceptance and merchant acquiring business of JPMorgan Chase & Co. (NYSE: JPM) – a global
financial services firm with assets of $2.6 trillion and operations worldwide. It is a leading provider of payment, fraud
management and data security solutions, capable of authorizing payment transactions in more than 130 currencies. Its processing
platforms, including ChaseNet, provide integrated solutions for all major credit and debit card payments as well as mobile
payments. The firm processed more than $1 trillion in payment transaction volume worldwide in 2016 and is the #1 ranked merchant
acquirer worldwide according to The Nilson Report. Chase Pay is the firm’s digital wallet available on approximately 94 million
Chase credit, debit and pre-paid card accounts. Chase Pay benefits both consumers and merchants with its simple, safe, and
rewarding experience for online and mobile users. For more visit jpmorganchase.com.
About PayPal
Fueled by a fundamental belief that having access to financial services creates opportunity, PayPal (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 203 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 financial information, visit https://investor.paypal-corp.com/.
Chase:
MaryJane H. Rogers
maryjane.h.rogers@chase.com
or
Maribel Ferrer
maribel.ferrer@chase.com
or
PayPal:
Chris Morse, 914-413-3045
cmorse@paypal.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20170720005710/en/