PayPal (NASDAQ: PYPL) has announced an expansion of its global strategic partnership with Fiserv (NYSE: FI) which will streamline how merchant clients of Fiserv enable PayPal experiences for their customers.
Building on a longstanding partnership between the two companies covering several products and services and millions of businesses, the expanded relationship “simplifies how Fiserv clients enable PayPal, Venmo and related services, and provides these businesses with a simple connection point to Fastlane by PayPal to accelerate guest checkout flows in the U.S.”
Frank Keller, Executive Vice President and General Manager Large Enterprise and Merchant Platform Group, PayPal.
“We’re excited to deepen our collaboration with Fiserv and extend our innovative products and solutions to a broader audience. This partnership reinforces our commitment to driving excellence in checkout convenience by partnering with leading payment service providers and e-commerce platforms.”
Fiserv and PayPal have partnered for over “a decade on a variety of merchant and payment functions spanning payment processing, payouts and network services and other ecommerce capabilities across millions of merchants globally.”
Fiserv is a core strategic partner, delivering technology and capabilities “that fuel PayPal’s customer-centric innovation across multiple domains and product lines.”
Fastlane utilizes PayPal’s decades of payment expertise “to innovate and accelerate the guest checkout experience – allowing users to complete their purchase in as little as one click.”
Guest shoppers using Fastlane convert “more than 80% of the time, achieve up to 50% higher conversion rates compared to non-Fastlane users, and reduce checkout time by 32%*.
As covered, PayPal has been enhancing “commerce globally for more than 25 years. The company creates innovative experiences that make moving money, selling, and shopping simple, personalized, and secure.”
PayPal empowers consumers and businesses “in approximately 200 markets to join and thrive in the global economy.”
As noted in the update, Fiserv, Inc. aspires “to move money and information in a way that moves the world.”
As a global enabler payments and financial technology, the company says it “helps clients achieve results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover cloud-based point-of-sale and business management platform.”