PayPal partners with BofA for in-store mobile payments

PayPal now has Bank of America's support for its strategy to build payments inside stores.

The bank will link BofA cards to PayPal, with new products expected to deploy through the partnership by early 2018.

Bank of America will tokenize BofA cards across Mastercard and Visa portfolios in the U.S. in support of PayPal's upcoming NFC mobile wallet for contactless in-store purchases. The companies will also enable linking of accounts to make it easier for customers to add Bank of America cards to PayPal wallets.

David Paul Morris/Bloomberg

"We're always looking at ways we can deliver secure, convenient and fast payment solutions to meet our customers' needs," said Mark Monaco, head of enterprise payments at Bank of America, in a release. "Whether it's in-store, in-app or online, this partnership provides yet another option for the empowerment of customers."

PayPal, which has worked for years to expand its in-store payments reach to go along with its transfer technology, also recently expanded its partnership with Citigroup to support loyalty points, and its collaboration with Visa.