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Wednesday, January 11, 2017 — 11:17:51 (CST)

Discover, Paypal ink deal

Riverwoods, Ill., Jan. 11, 2017 -- Discover Financial Services (DFS) and PayPal have signed an agreement making PayPal more widely available to Discover cardmembers, acquirers and merchants.

The agreement provides PayPal with access to Discover’s tokenization services, expanding PayPal’s reach at the point of sale, which will enable U.S. PayPal customers to pay with their Discover cards at all of the contactless-enabled merchants that accept Discover.

As part of the agreement, Discover and PayPal plan to enable PayPal customers with eligible Discover cards to use their Cashback Bonus® to pay for purchases at the millions of online and mobile merchants that accept PayPal. After enablement, Discover cardmembers will be able to view and use their available Cashback Bonus while using PayPal to pay for all or part of a purchase.

“Discover is focused on making the payments experience seamless and secure for both cardmembers and our merchant partners,” said Diane Offereins, President of Payment Services at Discover. “This agreement with PayPal helps expand consumer payment choices by providing additional ways to transact, and builds on the growing adoption of digital payments.”

“The agreement with Discover leverages each company’s core assets, will add value to everyday spending, and deliver great customer experiences,” said Bill Ready, Chief Operating Officer, PayPal. “Discover has been a long-term strategic partner for PayPal, and we expect that collaborative relationship to continue as we work to offer our joint customers more choice and increased value online, in app and in store.

Discover cards will be presented as a clear payment option within the PayPal wallet, making Discover easily identifiable to cardmembers when paying.

About Discover

Discover Financial Services (NYSE: DFS) is a direct banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company issues the Discover card, America’s cash rewards pioneer, and offers private student loans, personal loans, home equity loans, checking and savings accounts and certificates of deposit through its direct banking business. It operates the Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation’s leading ATM/debit networks; and Diners Club International, a global payments network with acceptance in more than 185 countries and territories. For more information, visit www.discover.com/company .

Source: Company press release.

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