PayPal Holdings Joins with Citigroup and J.P. Morgan

PayPal Holdings shares were up almost 1% before Thursday’s opening bell after the company reported Thursday that it has expanded its strategic agreement with Citigroup (C) and entered a new partnership with J.P. Morgan (JPM). The deal with Citigroup allows eligible Citi cardmembers to use their ThankYou Points to pay for all or part of purchases when shopping online at millions of merchants that accept PayPal in the United States. This functionality is slated to launch in 2018.

Meanwhile, the tie-up with JP Morgan will allow customers to add Chase cards via Chase Pay to PayPal accounts, and will soon offer customers the option of paying with Ultimate Rewards points when linked through Chase Pay at PayPal’s millions of online merchants.

By Sonia Taylor