Don Kingsborough, VP of Retail and Prepaid Products at PayPal says that the partnership will bring the convenience, security and functionality of PayPal to them.
Discover’s 50+ million users
PayPal is being enabled as a payments option for Discover’s 50 million plus active users in the U.S.
The program will begin in 2013 and stores with a relationship with Discover will integrate and accept PayPal’s digital wallet.
No installation or upgrades
According to PayPal, merchants already using Discover won’t have to install or upgrade existing point-of-sale hardware or software to offer PayPal.
Kingsborough says,”Through our deep relationships with retailers all over the world, we know they’re always looking for ways to innovate and compete in this rapidly-changing commerce landscape. This will set them up for innovations today and well into the future.”
He adds that the market has been looking for leadership as the payments space evolves and thinks the innovative partnership will answer the needs of both merchants and buyers as technology takes centre stage in people’s lives.
PayPal POS Terminals
PayPal already has stores with its point-of-sale integrations. Some of this stores include The Home Depot, Abercrombie & Fitch or Jos. A. Banks.
According to Kingsborough the partnership is an extension of PayPal’s offline strategy which in late May added 16 national retailers and thousands of store locations nationwide to its point-of-sale system. Adding to over 3000 the number of national retailers fitted with PayPal POS integrated systems in less than a year.
Discover’s Massive Network
Dean Witter Financial Services Group, Inc. pioneered the credit card in 1986 with the launch of the Discover card and grew into a leading direct bank and electronic payment services company.
Today the firm has an array of banking products ranging from private student loans, personal loans, certificates of deposit, savings accounts and prepaid cards. The payment businesses – Discover Network, PULSE ATM/Debit and Diners Club International process billions of transactions a year in credit, debit and prepaid markets around the world.
It is this massive network that PayPal has tapped in.
PayPal in March introduced PayPal Here, what it says to be the world’s first global mobile payment solution for small businesses to take mobile, credit card,online or offline and multi channel payments. The firm also partnered with 15 new national retailers serving millions across the US.