PayPal has moved to invigorate relationships with major US banks, entering a partnership with JPMorgan Chase, and striking a new deal with Citi.
Conditions of the partnership with JPMorgan will allow Chase customers the option to collaborate by linking their card directly to its payment services.
The merging of the two services goes further still, as Chase reward points will be usable through PayPal services, providing another flexible option.
On the other side arrangement, the payments service Chase Pay will be included as an option at merchants PayPal is already established with. This move provides both parties to extend their presence and reach across platforms where the other is recognised.
As for Citi, a rewards deal has been added to an existing initiative, enhancing a previous deal between the two companies. Citi ThankYou Rewards cardholders will now have the added freedom of being able to access credits at merchants, via the app, or online.
PayPal have been eager to strike deals this year, having also joined forces with Android Pay in April, also meaning that PayPal would become available wherever Android Pay is accepted.
The frantic nature of this deal making is indicative of the pressure the company is under to compete with FinTech payment providers. A prime example of this is Stripe, a startup that has gone from strength to strength in terms of funding.
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Another factor pointing towards PayPal becoming outdates is the significant support Stripe has been provided by PayPal co-founder, Peter Thiel. This transition of focus from this highly influential figure points toward the progress within the payments space, leaving PayPal relegated to a format of the past.
Towards the end of last year, the company also entered a deal with MasterCard in a bit to secure a place in high street transactions, another sign of a lack of traction in the fast developing payments space.
