FIS (NYSE: FIS), a financial services technology, announced last week it has teamed up with PayPal (NASDAQ: PYPL) to help increase customer engagement and drive incremental digital spend with FIS’ banking partners.
According to the companies, the partnership will make it easy for consumers who bank with FIS clients to link a payment card or other financial account to a new or existing PayPal account and simply display the financial institution’s brand within PayPal. The partnership will also allow those financial institution customers to set their default funding source in PayPal, thus increasing their overall digital spend.
Anthony Jabbour, chief operating officer of Banking & Payments at FIS, stated:
“As this year’s record levels of sales on Black Friday and Cyber Monday showed, digital commerce is showing no signs of slowing down. By enabling the bank branding within the checkout process with PayPal through account linking, a financial institution can remind its customers of the ease with which they can shop, and make them more likely to use that particular account and to increase spend. It’s a win for consumers and financial institutions, alike.”
Gary Marino, chief commercial officer at PayPal, then added:
“This agreement with FIS is another great example of how partnership is driving increased value to PayPal’s merchants and consumers, reaching thousands of banks in the U.S, with one simple integration that gives people better ways to transact digitally. We look forward to building on our long-standing relationship with FIS to continue to create meaningful digital payment experiences for consumers, issuers and merchants online, in app and in store.”
FIS and PayPal then noted they would provide a more seamless way for bank issuers to drive more digital spend with their customers through PayPal accounts. FIS will also enable PayPal’s account linking capability, making it easy for customers who bank with FIS clients to add their various cards and banking accounts into their PayPal accounts.