PayPal, Uber expand relationship

PayPal Holdings (PYPL) and Uber Technologies (UBER) announced 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. As part of the agreement, PayPal and Uber will continue to build upon their substantive relationship for global card processing powered by PayPal Braintree. In addition to conventional card processing, Uber will leverage the PayPal Braintree platform to expand its use of domestic debit network routing in several markets, including in the U.S. Uber will also leverage PayPal value-added services including PayPal Payouts and several others that support in creating seamless, high-performance payments experiences for Uber’s customers. In addition to the expanded use of payment processing and alternative debit network routing included in the new agreement, Uber will also: Extend its use of payouts with the PayPal Hyperwallet solution, so drivers and couriers will have the option to access their funds instantly through PayPal and Venmo. Launch combined incentives including UberOne in a broad Consumer Rewards program to provide Uber customers with savings when they pay with the PayPal wallet or Venmo at checkout. Leverage the PayPal Chargehound solution to understand how automation can help resolve chargebacks and more quickly produce immediate cost savings. Partner with PayPal on 3DS for advanced customer authentication using Network Tokens, Smart Retries, and Account Updater services for further authorization rate optimization and a more seamless consumer experience.