Bank of America and PayPal have joined forces to enable in-store payments and account linking, offering joint customers a new way to pay online, in apps and in-store.
Under the strategic partnership Bank of America customers will soon be able to transact with PayPal in stores and link their Bank of America cards into PayPal. The new service will be available to customers in the first half of 2018.
Bank of America will work with PayPal to tokenise Bank of America cards for customers wishing to use PayPal for in-store purchases, across MasterCard and Visa portfolios in the US.
The two firms will also enable simple linking of accounts to make it easier for their customers to add their Bank of America cards into their PayPal Wallets.
Additionally, Bank of America and PayPal will collaborate more closely and the tokenisation technology, data, analytics and fraud tools to provide a more secure shopping experience.
Mark Monaco, head of enterprise payments at Bank of America, said: “We’re always looking at ways we can deliver secure, convenient and fast payment solutions to meet our customers’ needs. 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.”
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