FIS (NYSE: FIS), a financial services technology firm, announced on Thursday it is extending its partnership with payments platform giant PayPal to enable millions of cardholders of U.S. financial institutions to participate in PayPal’s Pay with Rewards. FIS reported beginning in the third quarter of 2020, cardholders of thousands of financial institutions participating in FIS’ Premium Payback loyalty network will be able to use their eligible card loyalty points to pay for eligible online purchases at millions of PayPal merchants globally. The company stated:
“Cardholders in FIS’ Premium Payback loyalty network will soon be able to easily link their reward points to their account with PayPal, enabling mutual customers to use their eligible rewards points to pay for eligible purchases via PayPal at their favorite retail brands. The new agreement builds on an existing relationship between FIS and Worldpay for processing card payments for PayPal customers in more than 50 markets around the world.”
While speaking about the partnership, Jim Magats, Senior Vice President of Global Payments at PayPal, stated:
“Our partnership with FIS will help us extend Pay with Rewards to even more customers, offering more payment choice to our joint customers. The combination of FIS’s wide-reaching loyalty program, which services thousands of financial institutions, and PayPal’s network of 24 million global merchants will enable millions of additional cardholders to use loyalty points for PayPal purchases.”
Jim Johnson, Head of Americas Payments & Wealth at FIS, went on to add:
“This new partnership with PayPal demonstrates FIS’ drive to turn loyalty programs into a strategic differentiator for our financial institution clients and create a seamless new payment experience for their cardholders.”