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PayPal Partners with JP Morgan Chase and Citibank

Mobile payments company PayPal made two big announcements on Thursday (July 20): that it is teaming up with JPMorgan Chase to further expand its mobile payment services, and that it is expanding its partnership with Citi to include loyalty rewards.

Under the deal, Chase-issued cards will support PayPal and can easily be added to existing PayPal accounts. The deal will also enable Chase customers to use Chase Ultimate Rewards points anywhere PayPal is accepted. Additionally, Chase Pay will become a way to fill the PayPal wallet.

In a separate blog post, Jim Magats, VP, head of payments, product & engineering at PayPal, said that as part of the expanded collaboration with Citi, ThankYou Rewards cardholders will soon be able to redeem their points at merchants that accept PayPal online payments, contactless payments and in-app payments. Citi ThankYou Rewards cardholders can select their ThankYou Points to pay for all or part of their purchase when checking out online, Magats said in the post.

According to PayPal, consumers are increasingly using loyalty points to pay for all sorts of things. Last year, consumers earned nearly $23 billion in rewards-related spending power from the six largest U.S. card issuers, Magats said.

As the mobile payments market continues its steady growth, a rising number of different types of firms have become interested in participating in this opportunity. Transactions are no longer limited to traditional financial companies such as banks and credit card issuers. There are now tech companies such as Google, Samsung and Apple involved, as are there retailers such as Walmart and other participants of various size.

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