The news was announced at the Mobile World Congress held recently in Barcelona and also includes a similar push in Europe with Vodafone.
The focus of the partnership is PayPal’s plan to create a mobile wallet platform. This development will allow users to pay for items in store by smartphone scanning. It will also allow people to send money overseas.
PayPal’s deal with América Móvil initially involves the creation of digital wallets for 140 million Telcel and Claro users in Brazil and Mexico.
CEO of PayPal Dan Schulman told the media: “We’re taking our platform of innovation and partnering with some of the leading mobile companies around the world. You’re beginning to see this vision come to life of PayPal being the partner of choice that helps merchants and consumers transact and move money in the world of digital commerce.”
América Móvil has over 280 million subscribers, whereas PayPal has nearly 180 million subscribers which are based mostly in the US and Europe.
Since the split with eBay last year, PayPal now considers mobile carriers as key partners. These are the ideal platform for digital wallets, creating new sources of revenue for both PayPal and the carriers.
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Reference: Internet Retailer
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