PayPal Holdings, Inc., a global leader in payments, announced multi-year agreements with the Big Ten and Big 12 Conferences that will modernize the distribution of institutional payments from universities to student-athletes in a new revenue-sharing model. The new institutional payments initiative enables athletic departments to seamlessly dispense payments through PayPal, ensuring a secure, efficient, and transparent way to distribute funds to payees. 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 recent court decision, which allows colleges and universities to share revenue directly with student-athletes, stands to revolutionize college sports. This partnership helps make that real by distributing those funds to student-athletes in a fast, simple, and secure way.

"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, 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.