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How they describe themselves: PayPal is the faster, safer way to pay and get paid online. The service allows members to send money without sharing financial information, with the flexibility to pay using their account balances, bank accounts, credit cards or promotional financing. With more than 94 million active accounts in 190 markets and 24 currencies around the world, PayPal enables global ecommerce. PayPal is an eBay (Nasdaq:EBAY) company and is made up of three leading online payment services: the PayPal global payment service, the Payflow Gateway and Bill Me Later.

Discover Financial Services is a direct banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company operates the Discover card, America’s cash rewards pioneer, and offers personal and student loans, online savings accounts, certificates of deposit and money market accounts through its Discover Bank subsidiary. Its payment businesses consist of Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation’s leading ATM/debit networks; and Diners Club International, a global payments network with acceptance in more than 185 countries and territories.

How they describe their product/innovation: PayPal and DiscoverCard have teamed up to create a product that will allow for instant, global money movement. With Money Messenger, almost anyone with an email address or mobile phone number can accept Discover. The offering will enhance the card member experience and provide new functionality that empowers them as they make purchasing and payment decisions. This will essentially change the way people pay, as it gives customers the potential to pay virtually any person or business around the world.

Contacts:

Bus. Dev.: Christopher Cochran, PayPal, ccochran@paypal.com