Bank of America (BofA) has enabled an option on its mobile application that allows the bank’s customers to directly link credit and debit cards to their PayPal account.
The move is part of a partnership agreement signed between the bank and PayPal in July 2017 to facilitate optimised in-store payments and account linking with BofA cards.
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Over the coming months, the partners intend to enable addition of cards within PayPal experience.
Bank of America head of enterprise payments Mark Monaco said: “It’s all about providing our customers the most convenient and secure payments experience possible.
“As the face of money continues to become more digital, Bank of America remains committed to giving our customers the ability to use any major wallet or payment method they choose, including PayPal.”
Apart from tokenisation of cards to enable in-store payments through PayPal and account linking, the agreement is set to provide digital representation of cards within the PayPal account.
The companies also plan to use tokenisation technology, data, analytics and fraud tools to ensure secure and convenient shopping experience in stores, online as well as in-app.
