Barclays is looking to integrate with one of the notable financial-tech company in the market, PayPal. The U.K. banking heavyweight is looking to extend their services as they integrate PayPal’s easy accessibility on their operations.
The financial institution is looking to provide a massive
Furthermore, the market has already speculated a plethora of new services the partnership can offer. The features from both financial institutions have already been tested as one of the industry’s best, the collaboration is expected to bring much more to the market.
As of now, both of the companies’ collaboration made U.S. consumer to redeem their Barclays reward points through their PayPal. This will be made available through local merchants that are accepting PayPal as payment.
The partnership will also let Barclays U.K. SME customers that use PayPal to track their transaction history and balance faster. The information will be made readily available on Barclay’s SmartBusiness Dashboard.
Barclay CEO Note
According to Barclay’s U.K. CEO Ashok Vaswani, “Barclays is becoming a digital company and I believe this strategic partnership with PayPal will provide the first of many new developments in which we join up with partners to enhance digital journeys.”
He also mentioned that “By joining forces, we can make it much easier for people to manage their money and payments. Each of these new features – whether removing the hassle of updating an expired card, connecting with Pingit, or being able to see all your finances in one place, are about designing the very best customer experience”
The new partnership continues to give traditional banks and institutions a knock in the future. They are also providing the technological advancement that these fin-tech companies have through these collaborations and partnerships.
On the other hand, the announcement was made amidst the growing concerns about the future of the global payment industry. Analysts are predicting that these Financial Tech companies may take over the $1.8 trillion industry.
Companies such as Paypal, Amazon, Apple, and even China’s Alibaba are expected to give traditional banks and their traditional method a run for their money.
As a matter of fact, this is just some of the partnership that PayPal had in the previous year. They managed to connect with bigger banks and financial institutions such as; Bank of America, Citi, JP Morgan Chase, and HSBC.
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