SAN JOSE, Calif.—PayPal has handed over its consumer credit receivables to Synchrony, with the latter gaining to a portfolio worth up to $7.6 billion.
Since 2004, PayPal and Synchrony Bank have partnered to offer PayPal-branded consumer credit cards to consumers.
“The two firms have extended their existing co-brand consumer credit card program agreement. Synchrony is now the exclusive issuer of the PayPal Credit online consumer financing program in the US until 2028,” IBS Intelligence said.