PayPal teams up with Shopify in CEO’s latest partnership deal

financialpost.com:

PayPal Holdings Inc. added Shopify Inc. to its list of recent partnerships, reaching a deal to process some of the payment company’s debit- and credit-card transactions.

As part of the agreement, PayPal’s wallet will also integrate with Shopify Payments, according to a statement Monday. The two companies also teamed up two years ago to introduce Shopify Payments in France.

Partnerships offer an opportunity for PayPal chief executive Alex Chriss to make good on his mission to refocus the firm. With his aim of returning to “long-term profitable growth,” Chriss has revamped the management ranks and begun trimming what he said was a company that had become bloated after several acquisitions.

“Collaboration is the key to unlocking better industry outcomes,” Chriss said in the statement. “When we work together with merchants and partners, we innovate faster, solve problems more effectively and drive progress that benefits our customers.”

PayPal is up against companies including Adyen NV and Stripe Inc. for a slice of the payments-processing market, and competes with many others in the broader industry. Last month, San Jose, Calif.-based PayPal announced partnerships with Adyen and Fiserv Inc.

Bloomberg.com