Available in more than 200 markets around the world, the PayPal platform, including Braintree, Venmo and Xoom, enables consumers and merchants to receive money in more than 100 currencies, withdraw funds in 56 currencies and hold balances in their PayPal accounts in 25 currencies. Through a combination of technological innovation and strategic partnerships, PayPal creates better ways to manage and move money, and offers choice and flexibility when sending payments, paying or getting paid. Our open digital payments platform gives PayPal's 237 million active account holders the confidence to connect and transact in new and powerful ways, whether they are online, on a mobile device, in an app, or in person. (NASDAQ: PYPL) is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy.
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Synchrony will update the financial impact of the transaction in its second quarter 2018 earnings call.įueled by a fundamental belief that having access to financial services creates opportunity, PayPal Holdings, Inc. PayPal-branded consumer credit card program allows PayPal to collaborate with an industry leader to enrich and expand PayPal’s consumer credit offerings. PayPal Credit online consumer financing program and the U.S. The expanded agreement with Synchrony Bank for both the U.S. Since 2004, PayPal and Synchrony Bank have partnered to offer PayPal-branded consumer credit cards to consumers. “Together we can provide an enhanced customer experience for thousands of merchants and consumers.” It also expands Synchrony’s leadership in consumer credit programs,” said Margaret Keane, President and CEO of Synchrony. “This collaboration plays to both companies’ strengths in providing seamless digital payments and innovating for partners, merchants, and consumers. We look forward to working with Synchrony to double down on our innovative consumer credit experiences for our customers and profitably grow the portfolio over time.” "Our agreement with Synchrony accomplishes every goal we set out for our asset light strategy. consumer credit receivables portfolio," said Dan Schulman, President and CEO of PayPal. "We’re pleased that we’ve completed the sale of our U.S. With the completion of the transaction, PayPal and Synchrony have extended their existing co-brand consumer credit card program agreement, and Synchrony is now the exclusive issuer of the PayPal Credit online consumer financing program in the U.S., through 2028. PayPal received approximately $6.9 billion in total consideration at closing. consumer credit receivables portfolio, which totaled $6.8 billion at the time of closing, and approximately $0.8 billion in participation interests in receivables held by unaffiliated third parties.
Under the terms of the transaction, and related transactions with unaffiliated third parties, Synchrony acquired $7.6 billion in receivables, including PayPal’s U.S. (NASDAQ:PYPL) today announced the closing of its consumer credit receivables transaction with Synchrony (NYSE:SYF). & STAMFORD, Conn.-( BUSINESS WIRE)-PayPal Holdings, Inc.
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