Vantiv (VNTV), a leading, integrated payment processor differentiated by a single, proprietary technology platform, announced today that it has expanded its relationship with Discover Financial Services (DFS), a direct banking and payment services company with one of the most recognized brands in U.S. financial services, to support PayPal In-Store checkout at Vantiv's brick-and-mortar merchants over the Discover Payment Services infrastructure.
This agreement builds on Vantiv's already deep relationship with Discover that spans across many facets of its Financial Institution and Merchant Services businesses, including the company's role as strategic partner for the processing and servicing of Discover's national merchant portfolio. Vantiv and Discover will work together to open the doors of their respective brick-and-mortar merchants to PayPal's 50+ million active U.S. account holders and their seamless digital wallet beginning in the second quarter of 2013.
"We are pleased to expand our relationship with Discover. This is a win-win for both companies; it demonstrates Vantiv's unique position to support new entrants through our single processing platform, and Discover's unique position to support real change and innovation within the industry. I believe this expansion of our relationship is a testament to both companies' focus on innovation and commitment to bring choice and convenience to merchants and consumers," said Charles Drucker, CEO of Vantiv.
"Vantiv is a strong partner in our effort to facilitate PayPal In-Store checkout at millions of merchant locations in the U.S. The team quickly recognized the strategic value of offering PayPal In-Store checkout to their brick-and-mortar merchants, and the importance of being a first mover in bringing an innovative new technology to a competitive multi-channel payment marketplace," said Diane Offereins, President of Discover Payment Services.