PayPal's Partnership Strategy Pays Off With Customer Growth
- CEO expects to add a total of 25 million new customers in 2017
- Merchants accepting Venmo to grow to millions from thousands
PayPal Holdings Inc. headquarters in San Jose, California, on Jan. 24, 2017.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
PayPal Holdings Inc. Chief Executive Officer Dan Schulman keeps converting one-time rivals into allies, and investors are embracing the results.
The transactions business announced a new deal with Bank of America Corp. that will help expand its reach beyond websites and into physical stores. It also reached a cross-border shopping agreement with search engine Baidu Inc. that will connect 700 million Chinese shoppers with 17 million PayPal merchants. Those are the latest of 24 deals forged over the past 18 months between PayPal and a variety of technology, banking and credit card companies, including Apple Inc., Visa Inc. and JPMorgan Chase & Co.