PayPal Joins Uber in Coalition to Address Barriers to COVID-19 Vaccine Equity

Rhea-AI Summary

PayPal (NASDAQ: PYPL) has partnered with Uber (NYSE: UBER) to facilitate access to COVID-19 vaccines by providing free or discounted rides to vaccination sites in the U.S. The initiative, which follows Uber's previous commitment to offer 10 million rides, includes a $5 million donation from PayPal to enhance transportation access. This collaboration, supported by various organizations, aims to address transportation barriers in underserved communities and is part of PayPal's broader commitment to support minority and women-owned businesses, including a $535 million investment.

Positive

• PayPal donated $5 million to support free or discounted rides for vaccine access.
• Collaboration addresses transportation barriers for underserved communities.
• PayPal committed $535 million to support minority and women-owned businesses.

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• None.

SAN JOSE, Calif., Feb. 26, 2021 /PRNewswire/ -- PayPal Holdings, Inc. (NASDAQ: PYPL) today announced it has joined Uber Technologies, Inc.'s (NYSE: UBER) effort to provide free or discounted rides to vaccination sites in the U.S. to help ensure transportation is not a barrier to vaccine access. In December 2020, Uber committed up to 10 million free or discounted rides to help ensure transportation is not a barrier to getting a vaccine. PayPal is making a corporate donation of $5 million to fund additional free or discounted rides and will work with Uber to explore ways to leverage its giving platform to mobilize customers who are interested in contributing to the vaccine access effort.

The coalition announcement follows a call to action issued by the White House earlier today for corporations to help support national vaccination efforts. Uber, PayPal and Walgreens are building the coalition to increase access to vaccines, with a focus on addressing the needs of underserved communities.

"Over the past year, we have deployed our products, services and resources to help our customers and communities navigate the impacts of the pandemic," said Dan Schulman, president and CEO, PayPal. "We are proud to join forces with Uber to extend these efforts to ensure that transportation is not a barrier to vaccine access, especially for those in under-resourced communities. Through this collaboration, we can deliver meaningful impact and forge a path to an inclusive recovery."

In addition to its direct corporate contribution, PayPal is working with Uber to explore ways to engage PayPal's giving platform to support vaccination efforts. PayPal has extensive experience in mobilizing customers to support the cause and relief efforts close to their hearts. Together, the companies will partner with PayPal Giving Fund and encourage inspired individuals to give what they can, and Local Initiatives Support Corporation will take the lead to distribute funds to local partners. PayPal is one of the largest digital donation platforms in the world, supporting more than 600,000 nonprofits with fundraising, and engaging a community of more than 377 million consumers and merchants to contribute to charitable efforts around the globe.

"Nobody should miss their shot at getting vaccinated because they lack transportation," said Dara Khosrowshahi, CEO, Uber. "PayPal's generous donation and support will go a long way to accelerate our efforts to ensure equitable access to vaccination, and we are excited to partner with them in the critically important months ahead."  

This collaboration is an extension of PayPal's efforts to support underserved communities across the U.S., which have been hardest hit by the pandemic. Among those efforts, PayPal provided access to Paycheck Protection Program loans to minority and women-owned small businesses, which often struggle to qualify for financing from traditional financial institutions. PayPal also committed $535 million to support Black and minority-owned businesses and communities in the U.S. This commitment included an empowerment grant program to support Black-owned businesses in high-need communities, as well as grants to nonprofit community partners across the nation working to support and sustain Black and minority-owned businesses and their communities.

To date, Uber has partnered with PayPal, Walgreens, National Urban League, National Action Network and the Morehouse School of Medicine in this coalition effort to address vaccine access. Uber, PayPal and their partners will continue to build a broad coalition of organizations committed to breaking down transportation barriers in under-resourced communities.

About PayPal

PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering more than 377 million consumers and merchants in more than 200 markets to join and thrive in the global economy. For more information, visit paypal.com.

About Uber

Uber's mission is to create opportunity through movement. We started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? More than 15 billion trips later, we're building products to get people closer to where they want to be. By changing how people, food, and things move through cities, Uber is a platform that opens up the world to new possibilities.

Media Contact: Joshua Criscoe, jcriscoe@paypal.com

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SOURCE PayPal Holdings, Inc.

FAQ

What is the partnership between PayPal and Uber about?

PayPal and Uber have partnered to provide free or discounted rides to vaccination sites in the U.S. to improve access to COVID-19 vaccines.

How much has PayPal donated to the vaccine access effort with Uber?

PayPal has donated $5 million to fund additional free or discounted rides to vaccination sites.

When was the PayPal and Uber partnership announced?

The partnership was announced on February 26, 2021.

What are the goals of the PayPal and Uber coalition?

The coalition aims to ensure transportation is not a barrier to vaccine access, particularly for underserved communities.

What has PayPal done to support minority-owned businesses?

PayPal has committed $535 million to support Black and minority-owned businesses and provided access to Paycheck Protection Program loans.