Bank of America customers can now add credit and debit cards to their PayPal accounts directly from the lender’s mobile app.
The move marks the initial integration from a partnership between BofA and PayPal that was first announced nearly a year ago. Later this year, customers will also be able to add their cards within PayPal.
Mark Monaco, head, enterprise payments, BofA, says: “As the face of money continues to become more digital, Bank of America remains committed to giving our customers the ability to use any major wallet or payment method they choose, including PayPal.”
PayPal has been busy building ties with the big US banks in the last year, inking similar deals with Citi and JPMorgan Chase. In addition, earlier this month, PayPal become the latest quarterly category for Chase Freedom cardholders who will now earn a 5% cashback reward on their Paypal spend.
After years of competing, PayPal is working with the banks -as well as Visa and Mastercard – to make the onboarding process simpler and to get access to the tokenisation systems that enable contactless payments, helping its ambitions to enter the high street.
In exchange PayPal agreed to stop encouraging cardholders to link to a bank account via ACH, a cheaper option for firms.