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FIS and PayPal partner for loyalty points redemption

Fidelity National Information Services, Inc. (FIS) and PayPal have announced the expansion of an existing partnership to enable cardholders of U.S. financial institutions to take part in PayPal’s Pay with Rewards. Financial institutions participating in The supplier’s Premium Payback loyalty network can use their eligible card loyalty points to pay for eligible online purchases beginning the third quarter of 2020.

“Our partnership with FIS will help us extend Pay with Rewards to even more customers, offering more payment choice to our joint customers. The combination of FIS’s wide-reaching loyalty program, which services thousands of financial institutions, and PayPal’s network of 24 million global merchants will enable millions of additional cardholders to use loyalty points for PayPal purchases,” said Jim Magats, senior vice president of global payments at PayPal.

Cardholders who use PayPal to pay a merchant online is provided with the option to convert their loyalty point balance to currency as an alternative form of payment. In 2019 Worldpay was acquired by FIS and the new agreement stands on an existing relationship between both the companies in processing card payments for PayPal customers in more than 50 markets worldwide.

“It’s exciting that two leading pioneers in the loyalty as a currency space are joining forces to open new lanes of commerce. This new partnership with PayPal demonstrates FIS’ drive to turn loyalty programs into a strategic differentiator for our financial institution clients and create a seamless new payment experience for their cardholders,” said Jim Johnson, head of Americas Payments & Wealth at FIS.

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