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Payments General

PayPal, Synchrony Financial to expand partnership

Friday 17 November 2017 | 12:09 PM CET

PayPal and Synchrony Financial have announced an agreement to expand their consumer credit partnership.

As a part of the agreement, Synchrony Financial will acquire USD 6.8 billion in receivables, including PayPal’s US consumer credit receivables portfolio of approximately USD 5.8 billion in receivables as of October 31, 2017, and approximately USD 1 billion in participation interests in receivables held by certain investors and a chartered financial institution.

In addition, the two partners will extend the existing co-brand consumer credit card program agreement, and Synchrony Bank will also become the exclusive issuer of the PayPal Credit online consumer financing program, in the U.S. for 10 years.

Since 2004, the two companies have partnered to offer PayPal-branded consumer credit card options that enable cardholders to shop online and in stores. They will be expanding their program agreement to include the PayPal Credit online consumer financing program available to US customers. Through this expanded relationship, PayPal will continue to provide access to innovative consumer credit products, while Synchrony Bank will provide program management capabilities.

More: Link
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