PayPal inks partnership deal with Samsung Pay
PayPal has inked a partnership with Samsung's mobile wallet Samsung Pay, which will help expand PayPal's presence in brick-and-mortar stores.
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The two companies have signed on to allow US customers to use their PayPal balance as a payment method within Samsung Pay wherever the mobile wallet is accepted -- be it in-store, in-app, or online. The partnership also allows merchants who use Braintree, PayPal's processing subsidiary, to accept Samsung Pay as a checkout option in-app and online.
PayPal has made a series of deals over the last year aimed at giving its mobile wallet more exposure for direct checkout. In April, PayPal announced a deal with Android Pay that's nearly identical to the one it just made with Samsung.
In January, the company inked a deal with Discover that gave PayPal access to Discover's tokenization services, allowing PayPal customers to pay with their Discover cards to make in-store purchases at contactless-enabled merchants. The deal also lets customers use their Discover account via PayPal for online and in-person purchases. PayPal has similar partnerships with Visa and MasterCard, as well as deals with Citi, FIS, and Facebook, among others.
In addition, PayPal announced last week an expanded relationship with Apple that will soon make PayPal a payment option for App Store purchases. PayPal shares on hit an all-time high after the Apple partnership news was released.
"We will continue forging new collaborations with leaders across the tech and financial worlds to expand the reach of our products, explore new contexts, increase conversions for our merchants, create better mobile experiences and give our consumers the flexibility, security and speed that digital payments can offer," said PayPal COO Bill Ready, in a blog post.
The partnership method is also key to Samsung's strategy with Samsung Pay.
"At Samsung, we pride ourselves on our open model of partnership and collaboration, which helps us deliver the best experiences to our customers," said Injong Rhee, CTO and head of R&D, software and services of the Mobile Communications Business at Samsung Electronics, in a statement. "This partnership furthers our commitment to providing customers with a more convenient payment experience that is simple, secure and available almost anywhere."
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