PayPal and Uber have announced an exciting development in their year-long strategic partnership that will further strengthen PayPal’s position as an essential operating partner in Uber’s global growth across all of its business sectors, in both established and new markets.
The strong relationship between PayPal and Uber dates back to 2012, when PayPal was integrated into Uber’s payment platform. Kurt Campisano, Senior Vice President of Global and Strategic Accounts at PayPal, emphasizes the security and differentiating value this virtual payment system has brought to Uber in various markets.
With PayPal as a payment option, expanded processing services, and payment and dispute resolution tools, Uber is well-positioned to provide a superior user experience to drivers and passengers, powering future mobility.
This expanded agreement sees PayPal and Uber strengthening their partnership in global card processing through the PayPal Braintree platform. Uber is not limited to simply processing traditional payments; it will more extensively utilize PayPal’s Braintree platform to expand its use of domestic debit network routing in various markets.
$PYPL $UBER Uber and PayPal Expand Relationship
Uber signs a multi-year global deal with PayPal, deepening PayPal's role as a critical strategic partner as Uber continues to expand and scale in markets worldwide.
This deal expands their areas of partnership to include…
— Stockwits Acade〽️y (@mikalche) September 12, 2023
In addition, Uber will leverage PayPal’s value-added services, such as PayPal Payouts and others, to deliver seamless, high-performance payment experiences to its users.
Uber also plans to leverage the PayPal Chargehound solution to improve chargeback management and reduce costs more efficiently. In addition, the collaboration with PayPal will also include advanced authorization optimizations, network tokens, smart retries, and account update services to improve authorization rates and provide a more seamless user experience.
Karl Hebert, vice president of Payments, Risk, and Identity at Uber, underscores the critical importance of payments to the Uber user experience. Both passengers and drivers expect a seamless payment (like Passkeys PayPal) experience regardless of their location in the world.
Hebert highlights the complexity of the market and the need for partners who can keep up with Uber’s speed and high performance. In this regard, the strategic partnership with PayPal has been crucial to Uber’s exceptional growth.
PayPal’s solutions for Uber payments
In addition to improvements in payment processing and debit network routing, Uber will benefit from other solutions offered by this virtual wallet. This includes implementing the PayPal Hyperwallet solution, allowing drivers and couriers to access their earnings instantly through PayPal and Venmo (learn how to get money on Venmo without a bank account).
Uber also plans to launch a combined incentive program, including UberOne, in a comprehensive rewards program for customers using PayPal or Venmo.
What is UberOne?
UberOne is an incentive and rewards program that allows users to earn savings and benefits when they choose to pay for their rides using specific payment methods, such as PayPal or Venmo.
What is Braintree?
Braintree is a Chicago-based company primarily focused on mobile and web payment systems for e-commerce businesses. PayPal acquired Braintree on September 26, 2013. PayPal Braintree is a payment platform that allows merchants to make both PayPal and credit card payments through a single integration. To use PayPal with Braintree, merchants must sign up for a free, verified PayPal Business account and enter their PayPal credentials in the Braintree dashboard.
To use PayPal with Braintree, merchants must sign up for a free, verified PayPal Business account and enter their PayPal credentials in the Braintree control panel. PayPal Here in Braintree allows merchants to add physical cards and in-person payment methods to their Braintree Vault and view PayPal Here transactions in their accounts.
With Braintree, merchants can accept PayPal, Venmo, credit and debit cards, and popular digital wallets like Apple Pay and Google Pay in a seamless integration.
PayPal $PYPL and $UBER announced today an extension of their multi-year relationship, "furthering PayPal's role as a key operational partner in Uber's continued growth in both its core and new lines of business in markets all over the world"
— Evan (@StockMKTNewz) September 12, 2023
What is PayPal Here?
PayPal Here is a mobile application and service that simplifies credit and debit card payment acceptance for merchants and businesses. This solution turns mobile devices like smartphones and tablets into portable point-of-sale (POS) terminals.
With this function, merchants download the application on their mobile device and connect a PayPal card reader, a physical device, via Bluetooth, or an audio connector, depending on the model of the reader. Once configured, the card reader can read customers’ credit or debit card information, enabling merchants to process payments securely.