Paypal is making more partners to expand their network but this would led them to astray from their aim
Paypal a most popular platform for money transfer in a secure way today announced to stretch partnerships with 2 largest bank issuers whose names are Chase and Citibank. The deal include number of enlarged combinations between those companies.Paypal facilitate Chase and Citibank by paypal wallet,Paypal subsidiary and Braintree by allowing customers to take benefit of cards reward points.
Paypal also expand their relationship with Citi,Paypal management says Citi’s 14 million cards are now acceptable where paypal is accepted and also in online shopping by enhancement of paypal features.This would come out in 2018.
After some moments paypal noticed that the partnership assigned with JPMorgan Chase is more wide-ranging as compared to Citi.Paypal says it will make stress-free for Chase-issued cards to be added and recognized in category of paypal accounts.This announcement involves allowing paypal users to add Chase cards to their paypal account straight fom Chase’s properties.The mechanism works when a chase card is added to paypal database it would make a digital representation of their Chase card,making more informal to select it.
Paypal will also enable Chase as an acquirer for paypal capacity that include handling Chase card transactionsvia ChaseNet.
Paypal will also enable Citi,the same agreement as done with Chase and they will also be enabled with reward points if they use paypal’s network.In this case, Chase rewards will be accepted by online and mobile merchants in the start of 2018.
Plus Chase payment solution will be incorporated with PayPal Brain-tree and PayPal’s Wallet will also add Chase pay as a way of payment for dealers.
The new agreement between Paypal with Citi lies on several other deals.PayPal is making them a partner not to compete them with payment industry companies.Paypal is trying to reach high level as Visa and master card did.Visa and master card both in U.S and abroad dealing with financial institutions like Discover,Well Fargo and technological companies Google,Facebook and Samsung.
PayPal also clues that mixings with bank issuers like Chase will assist the company in its NFC experience which includes using PayPal’s Wallet to compete in transaction stores.This is a mistake where PayPal is losing his dignity to Apple Pay and others but,Paypal think that partnering with both of companies will be fruitful for them because PayPal will gain more experience as a separate warrior in field of transactions.