In an expansion of a prior tie, software colossus Microsoft will increase the ways customers can use PayPal tools to purchase goods and services
The extension of the 16-year PayPal-Microsoft partnership comes as PayPal seeks to jump-start consumer adoption of its payment tools despite sluggish economic growth in the U.S. and elsewhere. It’s vying to boost customer engagement as competition to service consumers digital payment alternatives rises.
“These new integrations offer customers more flexible ways to pay and help increase customer loyalty,” PayPal said in the release.
The renewed pact means that Microsoft will migrate onto PayPal’s platform operated by its Braintree unit, where the PayPal Pay Later and Venmo checkout options will be available, a spokesperson for PayPal said in an email. The Braintree unit has been driving much of PayPal’s growth, the company has said.
San Jose, California-based PayPal is also preparing for new leadership. The company said last year that CEO Dan Schulman would step down from that role by the end of this year, but it hasn’t announced a successor yet. Some investors have called on the company to make that change happen sooner rather than later. The company currently also is operating with an interim CFO.
PayPal is scheduled to report its second-quarter financial results on Aug. 2.
By Lynne Marek on July 26, 2023
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