American Express (NYSE: AXP) announced on Thursday it has expanded its strategic partnership with PayPal (NASDAQ: PYPL). According to the duo, this partnership that will improve the digital payments experience for U.S. American Express Card Members paying with PayPal and Venmo.
Through the partnership, the companies will work closely on a host of solutions for joint customers to include the use of Membership Rewards points for PayPal purchases and an integrated peer-to-peer payment experience. Also, as part of the agreement, both companies will also explore additional innovative digital products and experiences. The partnership will also allow the following for U.S. American Express Card Members:
- Use Membership Rewards points for purchases at millions of PayPal merchants online.
- Send money through Venmo or PayPal to friends and family directly from the Amex mobile app.
- Easily add American Express Cards to the PayPal wallet directly from the Amex mobile app or website.
- Pay American Express bill with PayPal or Venmo balance via the PayPal Instant Transfer feature.
- More clearly identify specific American Express Cards in the PayPal wallet with Card-specific branding.
Speaking about the partnership, Dan Schulman, President and CEO of PayPal, stated:
“This partnership is the product of our companies’ strong commitment to create innovative payment experiences that utilize both organizations’ core assets, including the ability for customers to pay with American Express Membership Rewards points and the integration of peer-to-peer payments into the Amex app.”
Stephen J. Squeri, Chairman and CEO, American Express, added:
“Together we will streamline and expand the online and mobile payments experience for our Card Members, helping us become a more essential part of their digital lives. This strategic partnership with PayPal will open up the use of Membership Rewards points at more small and medium-sized businesses than ever and make peer-to-peer payments more seamless for Card Members.”