Discover and PayPal in Mobile Payment Deal

Financial News Network
September 26, 2012 AT 9:46 AM
You may be used to using PayPal for online purchases, but pretty soon it could become a staple of brick-and-mortar stores. PayPal and Discover Financial Services announced a partnership today that will allow the use of PayPal accounts at locations that take the Discover card.Under the new deal, Discover will process the payments, and merchants will pay processing fees to PayPal. The partnership will allow PayPal to expand its reach to close to 7 million merchant locations. The digital payment service currently only has deals with a handful of retailers, such as Barnes & Noble and Home Depot.Discover expects almost all of its partners to be prepared to accept PayPal payments by the second quarter of 2013.