PayPal, under its banking license in Europe, will join the Visa network allowing consumers to pay directly with their ewallet funds wherever Visa is accepted. The European partnership will also make it easier for financial institutions who accept PayPal payments to offer Visa checkout options too.
Businesses who accept either payment method will be able to offer both, allowing the two companies to grow exponentially on the European market.
Most importantly, PayPal will have the ability to issue debit cards to European consumers and businesses. In the future, this would make it possible for PayPal customers to use their ewallet funds wherever Visa is accepted worldwide. Furthermore, clients will be able to transfer funds to their debit accounts in real time across multiple markets.
Across Europe, a growing number of non-bank services and financial technology (fintech) firms are eyeing up lucrative market opportunities in the personal financial sector, including Facebook, Samsung and Apple.