FIS has extended its alliance with online payments firm PayPal to enable users of its real-time rewards network to redeem points at merchants linked to PayPal.
Under the partnership, US cardholders – who are part of the FIS Premium Payback loyalty network – can use their rewards points to pay for online payments at PayPal.
This makes FIS the first non-bank payments processor to combine with PayPal’s Pay with Rewards, benefitting thousands of financial institutions.
Commenting on the tie-up, FIS head of Americas Payments & Wealth Jim Johnson said: “This new partnership with PayPal demonstrates FIS’ drive to turn loyalty programmes into a strategic differentiator for our financial institution clients and create a seamless new payment experience for their cardholders.”
While making PayPal transactions, FIS Premium Payback cardholders can also opt to convert their loyalty point balance to currency.
The service is scheduled to start from the third quarter of this year.
The partnership follows the takeover of Worldpay by FIS in 2019. WorldPay processes PayPal transactions.
PayPal senior vice president of global payments Jim Magats said: “The combination of FIS’s wide-reaching loyalty programme, which services thousands of financial institutions, and PayPal’s network of 24 million global merchants will enable millions of additional cardholders to use loyalty points for PayPal purchases.”