PayPal and American Express to expand the ability to transfer and use reward points with merchants

The PayPal payment service platform announced a partnership with American Express (AmEx), with which it will integrate its solutions, such as the ability to transfer and use reward points with merchants.

In addition, PayPal can access the AmEx tokens.

The announcement coincided with the publication of Paypal’s third quarter results, which show a total balance of 254 million active accounts, an increase of 15% or 9.1 million more accounts with respect to the same period in 2017.

The technology firm processed US $143 billion dollars of total volume of payments, 24% more than last year. Of these, 40% were processed via mobile devices.

Paypal is a subsidiary of eBay, whose payments have increased by 3%. This represents 11% of the total volume of payments.

Far is this progress of the growth of 25% of payments made by merchants or 50% growth of those made between individuals in PayPal. The latter represent more than US $36 Billion dollars or 25% of the total volume of payments.

In total, as of September 30 of this year, PayPal’s revenues increased 14% to reach $ 3.680 billion in local and foreign currency. Registered, in addition, 2.500 million transactions, 36.5 per active account on average.

In this third quarter, Paypal purchased iZettle, a platform of small merchants in Europe and Latin America to expand its financial offer to SMEs.

The partnership with AmEx joins the alliance that already announced on October with Walmart to use its financial services in these supermarkets. With the Paypal application, customers can enter or withdraw cash from their account at any Walmart store in the US.

The company also reported that the sale of its consumer loan portfolio to Synchrony Financial, completed in July 2018, affected them negatively by 7 points.

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