Under terms of the agreement, PayPal users will soon be able to make payments at multiple retail locations across the US. They will have access to their PayPal account funds via their personal bank accounts, credit or debit cards or money from other people. Moreover, consumers can set up rules stipulating which accounts they wish to draw from depending on money spent and size of transaction.
By swiping their cards through existing checkout machines and entering their pins, PayPal users will be able to pay at merchants on the Discover Network. A Discover Issuer Identification Number of IIN will be on the newly launched cards to identify the cardholder. IINs for PayPal cards have already been set up on the Discover network.
As the demand for immediate payments implementation grows in the United States, Iliad Solutions have identified one of the largest risks to face the payments industry over the next few years.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.