Long-term agreement with PayPal builds on more than a decade relationship
STAMFORD, Conn. & SAN JOSE, Calif.–(BUSINESS WIRE)–Synchrony Financial (NYSE: SYF),
a premier consumer financial services company with 80 years of retail
heritage, today announced a long-term extension of its relationship with
PayPal to provide a co-branded Dual Card™ credit program for
consumers in the United States and Puerto Rico.
Since 2004, Synchrony Financial has partnered with PayPal to offer
credit card programs that enable digital and mobile payments on behalf
of qualifying cardholders* with online and offline merchants.
Consumers can apply online for the PayPal
Extras MasterCard® or the eBay
“We are pleased to deepen our relationship with these dynamic businesses
and continue to meet the evolving needs of PayPal and eBay cardholders
for convenient and safe payment solutions and valuable rewards,” said
Tom Quindlen, executive vice president and CEO, Retail Cards, Synchrony
Financial. “PayPal is at the forefront of digital payments and we look
forward to building on our decade of adding greater value and simplicity
to cardholder transactions.”
In addition to exclusive offers, PayPal Extras and eBay MasterCard
cardholders are automatically enrolled in program rewards and can earn
points for purchases, including the opportunity to build rewards faster
for every dollar spent on eBay and PayPal, and at gas stations and
restaurants. For added convenience, all accounts are automatically
integrated with the PayPal Wallet, which provides access to a suite of
applications and tools that simplify checkout and include available
special financing options for shoppers with participating merchants.
“The PayPal credit card program helps to drive sales for merchants and
adds greater purchasing power and rewards for customers,” said Steve
Allocca, Vice President and General Manager, PayPal Credit. “Synchrony
has a deep understanding of the industry and shares our customer focus
and commitment to payments innovation.”
Synchrony Financial works with retailers to provide credit and loyalty
programs and account management solutions for their customers. The
PayPal Smart Connect account is issued by Synchrony Bank. Each
chip-enabled PayPal Extras MasterCard® and eBay MasterCard® account
has no annual fee, and is issued by Synchrony Bank pursuant to a license
by MasterCard International Incorporated.
*Subject to Terms and Conditions
At PayPal, we put people at the center of everything we do. Founded in
1998, we continue to be at the forefront of the digital payments
revolution; last year we processed 4 billion payments, of which 1
billion were made on mobile devices. PayPal gives people better ways to
connect to their money and to each other, helping them securely access
and move their money and offering a choice of how they would like to pay
or be paid. With our 169 million active customer accounts, we have
created an open and secure payments ecosystem that people and businesses
choose to securely transact with each other online, in stores and on
mobile devices. PayPal is a truly global payments platform that is
available to people in 203 markets, allowing customers to get paid in
more than 100 currencies, withdraw funds to their bank accounts in 57
currencies and hold balances in their PayPal accounts in 26 currencies.
For more information on PayPal, visit About.PayPal-Corp.com.
For PYPL financial information, visit Investor.PayPal-Corp.com.
About Synchrony Financial
Synchrony Financial (NYSE: SYF)
is one of the nation’s premier consumer financial services companies.
Our roots in consumer finance trace back to 1932, and today we are the
largest provider of private label credit cards in the United States
based on purchase volume and receivables.** We provide a
range of credit products through programs we have established with a
diverse group of national and regional retailers, local merchants,
manufacturers, buying groups, industry associations and healthcare
service providers to help generate growth for our partners and offer
financial flexibility to our customers. Through our partners’ over
300,000 locations across the United States and Canada, and their
websites and mobile applications, we offer our customers a variety of
credit products to finance the purchase of goods and services. Synchrony
Financial (formerly GE Capital Retail Finance) offers private label and
co-branded Dual Card™ credit cards, promotional financing and
installment lending, loyalty programs and FDIC-insured savings products
through Synchrony Bank. More information can be found at www.synchronyfinancial.com,
**Source: The Nilson Report (April, 2015, Issue # 1062) –
based on 2014 data.
©2015 Synchrony Bank/Synchrony Financial. All rights reserved.