News

PayPal to issue Visa cards in Europe

July 20, 2017

Visa and PayPal have extended their strategic partnership to Europe.

The two companies already collaborate in the U.S. and Asia-Pacific; this latest step "brings the benefits of the partnership to European consumers and businesses," Visa said in a press release

Additionally, PayPal — under its banking license in Europe — is joining the Visa network of client financial institutions and will be able to offer Visa accounts in Europe. This will allow PayPal customers to spend their PayPal funds wherever Visa is accepted worldwide.

"Visa and PayPal have a shared goal of giving consumers a safe, convenient way to pay using their preferred device," Visa Europe Region CEO Bill Sheedy said in the release. "By having the option to issue Visa accounts in Europe, PayPal will now have the ability to offer customers new and innovative ways to manage and move their money regardless of platform or device."

The European partnership will expand the acceptance of PayPal by European businesses that accept Visa in physical locations, providing growth opportunities for Visa, PayPal and their customers, the release said.