PayPal, Visa extend partnership to Europe to drive two-way acceptance

PayPal and Visa are extending their strategic agreement to Europe with a deal enabling PayPal to offer Visa debit accounts in Europe, expanding the locations where PayPal’s European consumer and business customers may make purchases with PayPal funds.

Visa will provide PayPal with access to Visa Direct in Europe, enabling PayPal customers to move funds to their Visa accounts in real time across multiple markets, Visa said in a Tuesday press release.

The collaboration also will streamline the process for consumers to add Visa cards to the PayPal wallet from other banking apps, according to the announcement.

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Visa will support the connections through tokenization by extending its Visa Digital Enablement Program in Europe so stores that accept Visa at the point of sale also may accept PayPal, Visa 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,” said Bill Sheedy, CEO of Visa, Europe Region, in the release.

“The agreement announced today will deepen PayPal’s collaboration with Visa and its partners across our European markets,” added Rupert Keeley, PayPal’s executive vice president and CEO in Europe.

Visa and PayPal announced their strategic agreement last year, and this year extended it to Asia.