" class="no-js "lang="en-US"> Uber and PayPal Expand Relationship - Fintech Finance
Tuesday, May 28, 2024

Uber and PayPal Expand Relationship

PayPal Holdings, Inc. (NASDAQ: PYPL) and Uber Technologies, Inc. (NYSE: UBER), today announced an extension of their multi-year relationship, furthering PayPal’s role as a key operational partner in Uber’s continued growth in both its core and new lines of business in markets all over the world.

As part of the agreement, PayPal and Uber will continue to build upon their substantive relationship for global card processing powered by PayPal Braintree. In addition to conventional card processing, Uber will leverage the PayPal Braintree platform to expand its use of domestic debit network routing in several markets, including in the U.S. Uber will also leverage PayPal value-added services including PayPal Payouts and several others that support in creating seamless, high-performance payments experiences for Uber’s customers.

“Payments are central to Uber’s magical experience. When a spender opens their app, they expect it to work seamlessly from anywhere worldwide, and drivers and couriers increasingly want to be paid instantly,” said Karl Hebert, Vice President of Payments, Risk, and Identity at Uber. “It’s a very complex marketplace. As such, we need partners that can match our speed, growth, and high bar for performance and solve hard problems like domestic debit routing at scale in multiple markets without missing a beat. Our partnership with PayPal has seen us grow to a massive scale, working together to tackle many payments challenges side by side. Our extended partnership sets us up to work strategically to support Uber’s next phase of exceptional growth. PayPal was the clear partner to take this ride with.”

In addition to the expanded use of payment processing and alternative debit network routing included in the new agreement, Uber will also:

  • Extend its use of payouts with the PayPal Hyperwallet solution, so drivers and couriers will have the option to access their funds instantly through PayPal and Venmo*.
  • Launch combined incentives including UberOne in a broad Consumer Rewards program to provide Uber customers with savings when they pay with the PayPal wallet or Venmo at checkout.
  • Leverage the PayPal Chargehound solution to understand how automation can help resolve chargebacks and more quickly produce immediate cost savings.
  • Partner with PayPal on advanced authorization optimizations, while using Network Tokens, Smart Retries, and Account Updater services for further authorization-rate optimization and a more seamless consumer experience.

“PayPal and Uber’s robust partnership over the years began with Uber’s integration of PayPal within their wallet – a payment method that provides a level of security for their customers and is a key competitive differentiator in many markets,” said Kurt Campisano, Senior Vice President of Global and Strategic Accounts at PayPal. “With PayPal as a checkout option, the extension of processing services and the addition of our payout and dispute resolution tools, Uber is pulling on all of the levers they need to deliver a superior experience for their drivers and riders and to propel them into the future of mobility.”

Uber and PayPal have worked together since 2012 to make payments seamless and secure for both riders and drivers. Throughout this time, Uber’s use of PayPal’s vast portfolio of products and services has been a key contributor to driving high authorization rates and more successful transactions.

The PayPal Braintree platform has been a focal point of the relationship, processing Uber’s payments in nearly 200 countries and 50 currencies, enabling Uber to scale globally with limited complexity.

 

* Venmo is only available in the U.S.

People In This Post

Companies In This Post

  1. GoHenry Launches Manifesto Urging Next Government To Improve Financial Education In Schools Read more
  2. Banca Sella Enables Payments on the Discover® Global Network Read more
  3. APOLLO Insurance Raises CAD $18.5 Million to Launch Finshore Buy-Now-Pay-Later Subsidiary Read more
  4. Intellect Launches Canada-Ready eMACH.ai Cloud for Banks and Credit Unions, Enhancing Payments, Digital Experiences, Core Banking, and Contextual AI Read more
  5. XTransfer and TerraPay Partner to Empower Global SMEs with Enhanced Cross-Border Payment Solutions Read more
ITC-DIA-sidebar