PayPal Holdings expanded its e-commerce partnerships further on Wednesday, announcing a new online checkout deal with Amazon.com. PayPal stock rose on the news, continuing its rally under new chief executive Alex Chriss.
Under PayPal's new partnership with Amazon, PayPal will be available at checkout for third-party merchants after shoppers log in to their Amazon account.
Starting next year, Prime members will be able to create a one-time link of their Amazon account to their PayPal account. If shoppers use PayPal while at a participating third-party merchant's website, Amazon's free shipping will be available to them.
In 2022, Amazon opened up its massive distribution network to merchants that do not sell goods on its website. The product fulfillment services are part of a program called Buy With Prime.
On the stock market today, PayPal stock rose more than 1% to 72.58. Amazon stock dipped a fraction to 186.07. Amazon stock has advanced 22% this year.
PayPal Stock: Shopify, Adyen Partnerships
Under CEO Chriss, PayPal continues to expand partnerships, most recently with Shopify.
Also, PayPal in August expanded partnerships with Adyen and Fiserv Adyen will offer PayPal's Fastlane to its enterprise and platform customers in the U.S. Meanwhile, merchant clients of Fiserv will offer Fastlane checkout.
"Fastlane," a guest checkout service, doesn't require users to create PayPal accounts.
Further, PayPal recently upgraded its rewards program for debit-card users with a 5% cash-back offer.
San Jose, Calif.-based PayPal has evolved from an online checkout site to a mobile shopping and person-to-person payments site. PayPal stock holds a Relative Strength Rating of 81 out of a best-possible 99.
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