TSYS (NYSE: TSS) today announced an agreement with Discover to process PayPal payment transactions within the contiguous United States.
In August 2012, PayPal entered into a service provider relationship with Discover under which PayPal obtains access to participating merchants' brick and mortar locations through Discover's technological infrastructure.
PayPal offers consumers several advantages, one of which is that PayPal can serve as a single source to access customers' credit or debit cards, bank accounts, PayPal balances, or Bill Me Later payment methods all stored in their PayPal accounts at a point-of-sale terminal.
"We are extremely pleased to support PayPal's expansion into more physical merchant locations. We believe PayPal provides merchants and consumers more choices and helps reach new consumers at the point of sale, relying on our robust payment transaction processing platforms, as well as other value-added products and services," said Mark Pyke, president of TSYS' Merchant Services segment. "We anticipate the addition of PayPal as an added benefit to both merchants and consumers."
"By processing PayPal transactions, TSYS is providing an expanded payment option for merchants' customers, and an overall enhanced payment experience for consumers," said Diane Offereins, president of Discover Payment Services. "TSYS is a valued partner to Discover and we're glad to see them support this offering."
Terms of the agreement were not disclosed.