June 26 (UPI) -- PayPal on Thursday announced a partnership agreement with the Big Ten and Big 12 conferences on Thursday, which will enable payments from universities to student-athletes.
PayPal said in a press release that the new model "enables athletic departments to "seamlessly dispense payments through PayPal, ensuring a secure, efficient, and transparent way to distribute funds to payees."
"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," President and CEO of PayPal Alex Chriss said.
Under the deal, the two major college athletic conferences will exclusively make payments to student-athletes through PayPal.
PayPal said the rollout of payments from the college is expected to begin this summer as a court settlement in the House v. NCAA case, which allows schools to pay student-athletes, is set to take effect on July 1.
