Digital payment platform Paypal is teaming up with the Big Ten and Big 12 to enable digital NIL payments to student-athletes.
According to a press release, the new institutional payments initiative will allow athletic departments to seamlessly dispense payments through PayPal.
Digital payment platform Paypal is teaming up with the Big Ten and Big 12 to enable digital NIL payments to student-athletes.
According to a press release, the new institutional payments initiative will allow athletic departments to seamlessly dispense payments through PayPal.
"With the funds in their wallets, students will have the option to access all the benefits of PayPal's commerce ecosystem, from seamlessly buying tickets to a sporting event or purchasing their books for the year at the university bookstore," the release said.
"We're proud to help lead this transformation in college athletics by making it easier and faster for student-athletes to receive funds and continue to bring trusted and innovative commerce solutions to the heart of campus life," said Alex Chriss, president and CEO of PayPal. "From receiving institutional payments to making everyday purchases, we're helping student-athletes, families, and schools engage in new ways that are modern, secure, and built for the future."
"We look forward to partnering with PayPal to ensure a secure, rapid and reliable way for student-athletes to receive institutional payments as we welcome in this new era in college athletics," said Big Ten commissioner Tony Petitti.
Payment platform Venmo will also be inserting itself in college sports.
Venmo will be the presenting partner of the first-ever Big Ten Rivalry Series, spanning football, men's and women's basketball, embedding the brand in some of the most iconic matchups in college sports.
With the Big 12, Venmo will serve as the official partner of the Big 12 Conference across Big 12 football, basketball, and Olympic sports championships for both men and women. Venmo will also be seen across all 16 institutions' athletic events.
