One of the U.K.’s largest banks, Barclays plc, has partnered with American payments company PayPal to provide Barclays customers the ability to use their Barclays products in PayPal’s digital wallet to make online payments.
The partnership will also allow U.S. consumers to redeem Barclays reward points at merchants accepting PayPal.
Another important aspect of this strategic partnership is that it will let Barclays U.K. SME customers, that use PayPal, to see their PayPal transaction history as well balance on Barclays’ SmartBusiness Dashboard.
In a press statement emailed to Bank Innovation, Ashok Vaswani, Barclays UK CEO, said:
Our customers and clients live in an increasingly connected world and this is why we are working with PayPal to make services more joined up and convenient for them. By joining forces, we can make it much easier for people to manage their money and payments. Each of these new features – whether removing the hassle of updating an expired card, connecting with Pingit, or being able to see all your finances in one place, are about designing the very best customer experience. Barclays is becoming a digital company and I believe this strategic partnership with PayPal will provide the first of many new developments in which we join up with partners to enhance digital journeys.
More from Bank Innovation on Barclays-PayPal partnership coming soon.
Barclays has over £1.3 trillion ($1.8 trillion) of assets under management as of December 2017.