STAMFORD, Conn. and
SAN JOSE, Calif., Oct. 17, 2019 /PRNewswire/ -- PayPal Holdings,
Inc. (NASDAQ: PYPL) and Synchrony (NYSE: SYF) today announced an
expansion and extension of their strategic consumer credit
relationship. As part of their expanded partnership, Synchrony will
become the exclusive issuer of a Venmo co-branded consumer credit
card in the U.S., which is expected to launch in the second half of
2020. PayPal and Synchrony also announced an extension of their
overall consumer credit program relationship.
"For 15 years, Synchrony has been a strategic partner in
offering credit cards that enable greater purchasing power and
rewards for PayPal consumers," said Dan
Schulman, CEO, PayPal. "We are pleased to deepen our
relationship with Synchrony to bring groundbreaking new credit
experiences to the Venmo community through a desirable credit card
and a seamless in-app experience."
Today's millennial cardholders are looking for leading-edge
digital capabilities like around-the-clock access, personalization,
simple but powerful mobile apps with granular controls and alerts,
and rewards. The new Venmo credit card program will combine Venmo's
expertise in mobile design and social user experience with
Synchrony's industry-leading technology, program management
capabilities and data analytics to create personalized shopping and
payment experiences for the Venmo user base.
"PayPal and Venmo continue to transform the payment experience
for consumers, and we are proud to be their partner-of-choice,"
said Margaret Keane, CEO, Synchrony.
"Synchrony's digital technology and expertise will enable Venmo and
PayPal to further grow their business by creating new innovative
consumer experiences."
Together with Venmo, Synchrony's open banking APIs will offer a
seamless payment and credit experience for users. Users will be
able to easily apply, buy, and manage their account natively in the
Venmo app. In addition, cardholders will receive real-time alerts
and can interact in new ways including splitting and sharing
purchases.
About PayPal
PayPal has remained at the forefront of
the digital payment revolution for more than 20 years. By
leveraging technology to make financial services and commerce more
convenient, affordable, and secure, the PayPal platform is
empowering more than 286 million consumers and merchants in more
than 200 markets to join and thrive in the global economy. For more
information, visit paypal.com.
About Synchrony
Synchrony is a premier consumer
financial services company delivering customized financing programs
across key industries including retail, health, auto, travel and
home, along with award-winning consumer banking products. With more
than $140 billion in sales financed
and 80.3 million active accounts, Synchrony brings deep industry
expertise, actionable data insights, innovative solutions and
differentiated digital experiences to improve the success of every
business we serve and the quality of each life we touch. More
information can be found at www.synchrony.com and through Twitter:
@Synchrony.
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SOURCE PayPal Holdings, Inc.