PayPal teams up with the Big Ten and Big 12 to enable payments to student-athletes

Core Insights - PayPal has entered into a partnership with the Big Ten and Big 12 conferences to facilitate compensation for student-athletes through its platform [1][3] - This agreement follows a significant court settlement in the House v. NCAA case, which allows schools to compensate student-athletes for the first time, enabling up to $20.5 million in payments to current athletes and $2.8 billion to former players [2] Group 1: Partnership Details - The new agreement allows Big Ten and Big 12 athletic departments to use PayPal exclusively for distributing payments to student-athletes [3] - The initial rollout of this payment system is expected to begin in the summer, coinciding with the effective date of the House settlement on July 1 [3] Group 2: Payment Features - The partnership will enable students at Big Ten and Big 12 universities to receive their compensation quickly and securely, with the option to pay college tuition via PayPal [4] - PayPal aims to become a preferred payment partner at select schools, enhancing the financial experience for student-athletes [4] Group 3: Venmo's Role - PayPal's mobile payment service Venmo is expanding its involvement in college sports, becoming the presenting partner for the first-ever Big Ten Rivalry Series and the official partner of the Big 12 Conference [5][6] - Venmo will also facilitate transactions at college bookstores and for campus athletics, covering items such as tickets, concessions, and merchandise [6] Group 4: Conference Expansion - The Big Ten Conference has expanded to 18 schools, including notable institutions like the University of Maryland and Ohio State University [7] - The Big 12 Conference comprises 16 schools, including Arizona State University and the University of Central Florida [7]