FIS Global and PayPal are extending their collaboration in order to help millions of U.S. cardholders to partake in PayPal’s Pay with Rewards. Cardholders of thousands of financial firms that participate in the Premium Payback loyalty network of FIS would be able to make use of their card loyalty points to transact at millions of PayPal merchants across the globe, starting from the third quarter of 2020.
Very soon, FIS’ Premium Payback loyalty network cardholders would be able to connect their reward points with PayPal wherein they would have the option to pay for qualified online purchases with PayPal merchants with the help of their accumulated loyalty points. While paying a merchant online, the cardholders will get the option to convert their eligible loyalty point balance to currency.
Jim Magats, SVP of global payments at PayPal said that the partnership will extend the Pay with Rewards program to even more customers and will provide the joint customers of both the firms with additional payment options. “The combination of FIS’s wide-reaching loyalty program, which services thousands of financial institutions, and PayPal’s network of 24 million global merchants will enable millions of additional cardholders to use loyalty points for PayPal purchases,” Jim added.
The FIS Premium Payback ecosystem is the home to over 7,000 card loyalty programs from thousand of financial firms. The partnership between PayPal and FIS will enable PayPal to scale its Pay with Rewards capabilities across the expanse of the U.S., to financial bodies of all sizes.
“It’s exciting that two leading pioneers in the loyalty as a currency space are joining forces to open new lanes of commerce,” said Jim Johnson, head of Americas Payments & Wealth at FIS. “This new partnership with PayPal demonstrates FIS’ drive to turn loyalty programs into a strategic differentiator for our financial institution clients and create a seamless new payment experience for their cardholders.”