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PayPal and Bankia partner to improve their customers’ digital payment experience in Spain

Bankia Comunicación

By Bankia Comunicación

Publish on 
22 March 2018 - 11:15

  • This is the first agreement of its kind PayPal has entered into with a bank in Spain
  • Bankia’s customers will be able to open a PayPal account from the bank’s online channels to easily add, and link, their products (cards and bank accounts) to PayPal
  • PayPal will offer users the option of using any funding source in their PayPal account, so that customers can easily select and use their preferred source

Bankia and PayPal today announced a strategic partnership in Spain that will enable Bankia customers to link their cards to PayPal, making it easy for them to complete transactions digitally. This is the first agreement of this kind PayPal has entered into with a bank in Spain.

Bankia's customers will be able to open a PayPal account from the bank's online channels in order to easily add, and link, their products (cards and bank accounts) to PayPal. PayPal will offer users the option of using any funding source in their PayPal account, so that customers can easily select and use their preferred source. In addition, Bankia will promote this enhanced value proposition to its customers.

The two companies will work together to deliver the following digital experiences:

  • Account linking: Bankia and PayPal will offer linking of accounts to make it easier for their customers to add their Bankia cards into their PayPal account.
  • : Bankia customers will be able to see the transactions they make with their Bankia cards and accounts associated with their PayPal account in the transaction history of Bankia Online and the Bankia mobile application.
  • Funding sources as default: PayPal users will be able to select the desired Bankia funding sources (card or bank account) as the default for PayPal payments.
  • Digital representation of Bankia cards: PayPal and Bankia customers will see a familiar digital representation of their Bankia issued cards in the PayPal Wallet when they pay.
  • Security and improved convenience: The two companies will collaborate more closely and use tokenization technology, data, analytics and fraud tools to provide a secure and more convenient shopping experience in store, online and in-app.

"We're excited to partner with PayPal - we share a focus on making the payment experience simpler for our customers," said Fernando Sobrini, deputy general director of Retail Banking at Bankia. "We're always aiming to offer secure, convenient and innovative payment solutions to meet our customers' needs."

"This partnership is aligned to our strategy of being a global, open payments platform that delivers simple, secure and truly transformative payment experiences for our joint partners and their customers," said Jim Magats, global financial services director at PayPal. "Our partnership will add tremendous value to consumers in Spain, who will be able use PayPal and Bankia products in more places, and allow consumers to have more spending power at our 18 million merchants across the globe."

About Bankia

Bankia is the fourth largest Spanish bank, with 214,000 million euros of assets, 8.2 million customers and a network of 2,250 branches throughout Spain.

Bankia operates through a multichannel, universal banking model, serving both retail and business customers. For more information, go to https://www.bankia.com

About PayPal

Fueled by a fundamental belief that having access to financial services creates opportunity, PayPal (NASDAQ: PYPL) is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy. Our open digital payments platform gives PayPal's 227 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. 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. 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. For more information about PayPal, go to https://www.paypal.com/about. For financial information go to:  https://investor.paypal-corp.com.

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Bankia and PayPal today announced a strategic partnership in Spain that will enable Bankia customers to link their cards to PayPal, making it easy for them to complete transactions digitally. This is the first agreement of this kind PayPal has entered into with a bank in Spain.

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CONTACT

Press Relatioinship Direction

Virginia Zafra de Llera
DIRECTOR PRESS RELATIONSHIP
vzafra@bankia.com

Mariano Utrilla Cortijo
mutrilla@bankia.com

Irene Rivas García
irivas@bankia.com

Guillermo Fernández Martín
gfernandezm@bankia.com

Contents and Digital Communication Direction

 

 

Ana Bernad Colás
abernad@bankia.com

Leticia Lucio Álvarez
llucio@bankia.com

María Navarro Caballero
mnavarro@bankia.com

   

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