Thursday, 3 August 2017

Investopedia/Daniel Liberto: Skype and PayPal Partner on Integrated Payment Service

Skype and PayPal Partner on Integrated Payment Service  By Daniel Liberto | August 3, 2017 — 5:28 AM EDT

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PayPal (PYPL) and Microsoft (MSFT) are teaming up to give Skype users across 22 countries the option to send money to family and friends during conversations.

The integrated payment service is available on the latest version of Skype’s mobile app and has been designed to enable friends and family to send money to each other, rather than to purchase goods or services from businesses. According to TechCrunch, the new feature can be found by clicking “Find” on the top bar during conversations. Users will then be asked to specify the amount they want to send.

Skype users wishing to send money from a PayPal balance or a U.S. debit card won’t be charged for transactions, making it similar to how PayPal’s other peer-to-peer payment platforms function. However, users that make payments with a credit card will be required to pay 3.4 percent of the transaction amount, plus $0.30.

The partnership is currently restricted to 22 countries. They include: The U.S., the U.K., Austria, Belgium, Canada, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Luxembourg, Malta, Netherlands, Portugal, San Marino, Slovakia, Slovenia and Spain. (See also: PayPal Beats on Q2 Earnings, Raises Full Year View.)
PayPal Adds Yet Another Partner

PayPal’s deal with Microsoft represents the latest in a long list of partnerships recently announced by the digital payment specialist. Last month, PayPal inked deals with the likes of Samsung Electronics (SSNLF), Apple (AAPL), JPMorgan Chase & Co. (JPM) and Citigroup (C). These agreements form part of the company’s strategy to beat off competition from rival services, including Apple Pay. (See also: PayPal Inks a Slew of Payment Deals.)

PayPal’s decision to introduce its payment platform on Skype appears to be a no brainer. The messaging and calling app has reportedly been downloaded over a billion times and boasts approximately 300 million monthly active users, according to parent company Microsoft’s estimates, presenting PayPal with an opportunity to significantly widen its reach.

The partnership also makes sense for Microsoft, particularly as rival firms Facebook (FB) and Apple both offer their users the option to make payments.

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