Assistant Editor, IndianRetailer.com & Retailer Media Apr 20, 2017 /
PayPal and Google deepened their relationship with a new agreement that enables payments through the tap of a phone from PayPal accounts at thousands of new retail locations.
The partnership lets PayPal users link their accounts to Android Pay, Google’s digital wallet, on smartphones running most versions of the Android operating system.
PayPal CEO Dan Schulman has been busy cutting deals with banks, credit card issuers and wireless carriers to convert PayPal from a payments button on websites into a versatile financial tool used to make payments in stores, transfer money overseas and shop from smartphones on the go.
Aunkur Arya, Senior Vice President, PayPal unit Braintree, said, "This is the next logical step in our desire to partner with everyone in the ecosystem. These partnerships don’t happen unless there’s value for both sides."
The stronger relationship between Google and PayPal could rekindle speculation about an acquisition.
The PayPal deal may boost Google’s mobile payments efforts, which have progressed in fits and starts.
PayPal, spun off from e-commerce company eBay Inc in 2015, said its net income rose to USD390 million, or 32 cents per share, in the fourth quarter ended Dec. 31, from USD367 million, or 30 cents per share, a year earlier. Revenue rose to USD2.98 billion
PayPal, which has been looking to get a toehold in the fledging but fast-growing domestic digital payments industry, had nearly closed a funding round with Snapdeal's Freecharge last year, but the deal fell through, sources said on condition of anonymity.
This partnership will enable foreign travellers, travelling to India to book hotels in a safe and seamless manner.
The newly launched centre will be focusing on leveraging PayPal's extensive expertise in data science, risk management and machine learning.
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