Deal between payment firms should streamline online transactions

Tuesday, July 25, 2017 - 17:37 by Graham Miller

A new joint venture by payment card firm, Visa, and online payment processing giant, PayPal, is set to make it easier for consumers from across the continent to use e-commerce sites securely, according to Internet Retailing.

The real benefit will be felt by PayPal users, as this partnership will mean that European users can now pay via their accounts at any outlet which accepts Visa cards. This applies both at bricks and mortar stores and for sites offering safe shopping online.

Furthermore, this potent combination of resources offered by both companies will further fuel the interconnectedness of mobile payments, across devices and apps of many different types. So being able to buy products, transfer cash and manage money on the move will be simpler and better protected against common threats.

Visa spokesperson, Bill Sheedy, said that enabling consumers to carry out safe shopping online and also buy with confidence at thousands of real world outlets was something that both organisations strive to facilitate. This partnership extends existing agreements held by the firms in other parts of the world, so it is not the first time that they have worked together.

PayPal representative, Rupert Keeley, said that it will now be possible for users in the UK and Europe to have a broader range of options when it comes to making payments, wherever they happen to be. This accounts not only for purchases, but also receiving money, so will be useful for small businesses as well as consumers.

Payment services are only as reliable as the security measures they offer and it is all too easy for a platform’s reputation to be sullied by a serious breach. So far, PayPal and Visa have avoided major scandals in recent memory and, hopefully, this partnership will strengthen their services as a result.