Banks and PayPal Announce More Deals for In-Store Transactions, But It’s Unclear When NFC-Enabled PayPal Wallet Will Arrive

NFC TIMES Exclusive Insight – Although Bank of America announced that its customers would “soon” be able to use the PayPal Wallet to pay for purchases in stores using NFC, a bank spokeswoman has told NFC Times that the NFC-enabled wallet might not even be available next year.

The situation might be the same for other major banks PayPal has agreements with, including JPMorgan Chase and Citi, though being able to use bank cards for e-commerce transactions with PayPal merchants is expected to happen sooner, scheduled for next year. In addition, consumers will be able to use Chase and Citi rewards points with PayPal merchants online and in-app next year. PayPal also has a deal with Wells Fargo for in-store payments. 

“Bank of America and PayPal will enable account linking for e-commerce payments in the first half of next year,” a Bank of America spokeswoman told NFC Times, but added: “We don’t have an exact timeline for the in-store wallet.” She said that both companies were “working to make it happen in 2018.” 

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