PayPal, MasterCard Reach Deal for Store Payments

PayPal, MasterCard Reach Deal for Store Payments
Highlights
  • Users can get a MasterCard to pay via their PayPal account
  • Debit and credit cards are being issued to the users
  • PayPal had earlier tied with Visa to expand payments
Advertisement

MasterCard Inc said on Tuesday it had expanded its deal with payment processor PayPal Holdings Inc, which would allow customers to use PayPal's payment services in stores.

PayPal's partnership follows a similar deal with MasterCard's larger rival Visa Inc in July as the company looks to expand its payments network.

PayPal will allow users to select a credit or debit card as the default payment method and share data on transactions made through MasterCard's tap-and-pay feature, which allows the shopper to wave a card or mobile phone over a reader to pay, the companies said in a statement.

As part of the deal, MasterCard will allow PayPal users to withdraw cash from their accounts using a debit card and also waive the digital wallet fee it currently charges PayPal.

The two companies have an existing partnership for co-branded consumer credit cards in the United States and Puerto Rico.

PayPal, spun off from e-commerce company eBay Inc last year, has focused on aggressive growth.

The company's revenue in the second quarter rose more than 15 percent to $2.65 billion (roughly Rs. 17,595 crores) from a year earlier and the volume of payments it processes jumped 28 percent to $86.21 billion (roughly Rs. 5,72,433 crores).

The partnership with MasterCard was first reported by the Wall Street Journal.

PayPal is also in discussions with banks that issue cards, to explore new products and partnerships, the Journal report said, citing people familiar with the matter.

Shares of PayPal were slightly higher in premarket trading. Up to Friday's close of $37.07, the stock had risen 2.4 percent this year.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Uber Slashes Base Fare for Mumbai Cabs to Rs. 20
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News
 
 

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »