Having already established a strong relationship with each other, PayPal and FIS have taken it to the next level with a new deal.
Their new partnership will empower millions of US cardholders to participate in PayPal’s Pay with Rewards.
Then scheme is set to kick off in the third quarter of 2020 and will see cardholders at selected financial institutions participating in FIS’ Premium Payback loyalty networkto use their eligible card loyalty points to pay for eligible online purchases at millions of PayPal merchants globally.
“Our partnership with FIS will help us extend Pay with Rewards to even more customers, offering more payment choice to our joint customers,” said Jim Magats, senior vice president of global payments at PayPal. “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.”
“It’s exciting that two leading pioneers in the loyalty as a currency space are joining forces to open new lanes of commerce,” said Jim Johnson, head of Americas Payments & Wealth at FIS. “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.”
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