Wednesday, August 14th, 2019
Monese, a British digital banking firm, has collaborated forces with PayPal, the global payments giant from the US, in a bid to expand its customer base overseas. The move is also, in part, a preparation for Brexit’s improbability.
Monese announced that under the new alliance, individual’s banking with the digital platform would get access to PayPal’s online mobile payment services. Monese customers will also easily manage their funds from a PayPal account.
The agreement will serve as a way to consolidate the ties between the two firms after PayPal was announced a shareholder in Monese in 2018 when it put in $60m (£48m) in the Series B round.
What the Partnership Will Mean For Monese Customers
According to Norris Koppel, Monese founder, and CEO, the two companies have not discussed any further deals, but so far Monese customers in the UK will be able to:
- Merge their Monese and PayPal accounts, to monitor their PayPal account balance and initiate transactions through the Monese app.
- Choose Monese as their main means of payment within PayPal’s wallet
- Effortlessly link Monese card to PayPal’s e-wallet to purchase from, and make payments to the payment giant’s base of 277 million customers and retailers worldwide.
Monese also said its customers would be able to monitor their PayPal balance or keep track of recent transactions through the Monese app.
The goal is to make it easy for our customers to stay on top of their PayPal account, as well as other finances and payments through the Monese app.
How Customer Can Link their PayPal to Monese
Our customers can now link their PayPal account by clicking on the ‘Account’ button (top left of the app’s home screen), and then selecting ‘Add account.’ Next, they can pick ‘PayPal’ and then go ahead to ‘Link PayPal.’ Opt for the Monese card they’d like to link, and the app will request them to key in PayPal logins.
Jennifer Marriner, Vice President of PayPal Global Markets and Partnerships, also defined the Partnership as a move to further the payment giant’s goal to democratize financial services.
“We partner with trendsetters like Monese to attract people to use our tools to expand the global economy. Most of Monese’s customer base uses it as their major financial account, and PayPal is looking forward to onboard them and offers new services,” said Marriner
Meanwhile, Norris Koppel of Monese said:
“Monese is happy to allow its international customers a seamless connection to PayPal. We offer services to a fast-growing global user base that moves around the globe for one reason or another and use PayPal services. Our users need the freedom to flourish anywhere, and partnering with PayPal will present the perfect opportunity.
Hopefully, the Partnership will work for both firms and streamline payments and account management for global customers that depend on these services.