The announcement is part of an agreement signed between the two companies, which lets their mobile platforms work together. For American Express, the agreement offers additional options to offload unused loyalty points, while PayPal will grow its imprint with ecommerce merchants through American Express-funded purchases at the point of sale.
According to Digiday, more than 2 million businesses accept Venmo, PayPal working with more than 20 million businesses globally. By letting customers use the points for ecommerce shopping, American Express aims to reduce the number of unused loyalty points at a lower cost.
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