PayPal Holdings, Inc. (NASDAQ: PYPL), one of the world’s largest Internet payment companies, has announced a big move to expand its digital payment system as they will be partnering with Samsung Electronics. Samsung users will now be able to use Paypal as a method of payment in-app, online, and in retail stores through the Samsung Pay payment platform. The partnership also allows merchants who use Braintree, PayPal's processing subsidiary, to accept Samsung Pay as a checkout option in-app and online.
This was not Paypal’s first venture of the year as Paypal has been expanding their payment services across many different platforms in the past year including Discover, Mastercard, etc. Paypal and Visa announced another alliance that will extend their already existing partnership in U.S. and Asia to Europe. Paypal will now be issuing debit cards in Europe. This news also drove Visa’s stock price up around 1% today.
Just last week, Paypal announced that it will be partnering with Apple, making Paypal a payment option for the App Store, which also put Paypal shares at an all-time high when the partnership was announced. New of the partnerships today drove Paypal stocks up to another all-time high at $58.80, up $1.22 and 2.12%.