Press release
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
About this update from Paypal Holdings, Inc.
[{"type":"text","content":"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 additional processing through PayPal Braintree, alternative domestic debit network routing across a range of geographies, instant driver and courier payouts to PayPal and Venmo, and custom support for new lines of business.SAN JOSE, Calif., and SAN FRANCISCO, Sept. 12, 2023 /PRNewswire/ -- PayPal Holdings, Inc. (NASDAQ: PYPL) and Uber Technologies, Inc. (NYSE: UBER), today 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.\n\nAs 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.\n\"Payments are central to Uber's magical experience. When a spender opens their app, they expect it to work seamlessly from anywhere worldwide, and drivers and couriers increasingly want to be paid instantly,\" said Karl Hebert, Vice President of Payments, Risk, and Identity at Uber. \"It's a very complex marketplace. As such, we need partners that can match our speed, growth, and high bar for performance and solve hard problems like domestic debit routing at scale in multiple markets without missing a beat. Our partnership with PayPal has seen us grow to a massive scale, working together to tackle many payments challenges side by side. Our extended partnership sets us up to work strategically to support Uber's next phase of exceptional growth. PayPal was the clear partner to take this ride with.\"\nIn addition to the expanded use of payment processing and alternative debit network routing included in the new agreement, Uber will also:\nExtend its use of payouts with the PayPal Hyperwallet solution, so dri...