Mastercard and PayPal Expand Digital Partnership Globally

05-Oct-2017 Intellasia | BusinessWire | 2:00 PM Print This Post

The global agreement expands the partnership to now include Canada,
Europe, Latin America and the Caribbean and the Middle East and Africa

PURCHASE, N.Y.–(BUSINESS WIRE)–Mastercard (NYSE:MA) and PayPal (NASDAQ:PYPL) today announced a
significant expansion of their longstanding partnership into Canada,
Europe, Latin America and the Caribbean and the Middle East and Africa
to enhance customer choice, optimize the consumer experience and make
Mastercard a clear payment option within PayPal across the globe. With
the addition of these markets – and following the recent expansion of
their partnership into the U.S. and Asia Pacific – Mastercard and PayPal
have now reached a global agreement.

Similar to previous agreements, the global expansion will create a
number of joint growth opportunities that will advance Mastercard and
PayPal’s shared vision to offer consumers greater choice and flexibility
to manage and move their money:

  • Mastercard will be presented as a clear and equal payment option
    within the PayPal Wallet, making Mastercard and their issuers easily
    identifiable to the consumer when transacting. Consumers will also see
    a familiar digital representation of their Mastercard from their
    chosen issuer. Additionally, consumers will be able to choose
    Mastercard as their default payment method to allow for quick and easy
    check-out.
  • Mastercard and PayPal will work together to leverage new Mastercard
    payment flow technologies, providing increased value to Mastercard
    cardholders, financial institutions, and PayPal customers. Through
    collaborations with Mastercard bank partners, consumers will be able
    to seamlessly add Mastercard cards into PayPal from banking apps.
  • PayPal will have the opportunity to expand its presence at the point
    of sale by utilizing tokenization services from Mastercard, allowing
    consumers to use their tokenized Mastercard in their PayPal Wallet to
    make in-store purchases at more than 6.5 million contactless-enabled
    locations across the globe. Consumers will also have the ability to
    quickly cash out funds held in their PayPal accounts to a Mastercard
    debit card.
  • Masterpass will be presented as a payment option for merchants that
    process payments via Braintree in Europe, Latin America and the
    Caribbean and the Middle East and Africa – in addition to the U.S. and
    Asia Pacific. These merchants will see the benefits of more choice and
    will be able to easily integrate Masterpass into their checkout
    experiences to provide a seamless user experience for consumers.

“Today’s news is the latest in a line of great partnership developments
with Mastercard,” said Gary Marino, Chief Commercial Officer at PayPal.
“Together we expect to accelerate digital payment adoption across the
world, improve the payment experience online, in-app and in store, and
empower millions of consumers to seamlessly manage and move their money.”

“People everywhere know and trust the familiar Mastercard brand, whether
they’re paying in the physical or digital world,” said Ann Cairns,
President International, Mastercard. “Our expanded partnership with
PayPal affirms our commitment to our billions of cardholders across the
globe to deliver the simple, speedy and secure payment experience
they’ve come to expect from Mastercard, across devices and channels.”

About Mastercard

Mastercard (NYSE:MA), www.mastercard.com,
is a technology company in the global payments industry. We operate the
world’s fastest payments processing network, connecting consumers,
financial institutions, merchants, governments and businesses in more
than 210 countries and territories. Mastercard products and solutions
make everyday commerce activities – such as shopping, traveling, running
a business and managing finances – easier, more secure and more
efficient for everyone. Follow us on Twitter @MastercardNews,
join the discussion on the Beyond
the Transaction Blog
and subscribe
for the latest news on the Engagement
Bureau
.

About PayPal

Fueled by a fundamental belief that having access to financial services
creates opportunity, PayPal (NASDAQ:PYPL) is committed to democratizing
financial services and empowering people and businesses to join and
thrive in the global economy. Our open digital payments platform gives
PayPal’s 210 million active account holders the confidence to connect
and transact in new and powerful ways, whether they are online, on a
mobile device, in an app, or in person. Through a combination of
technological innovation and strategic partnerships, PayPal creates
better ways to manage and move money, and offers choice and flexibility
when sending payments, paying or getting paid. Available in more than
200 markets around the world, the PayPal platform, including Braintree,
Venmo and Xoom, enables consumers and merchants to receive money in more
than 100 currencies, withdraw funds in 56 currencies and hold balances
in their PayPal accounts in 25 currencies.

Contacts

Communications:
Mastercard
Jim
Issokson, 914-249-6286

James.issokson@mastercard.com
or
PayPal
Chris
Morse, 914-413-3045

cmorse@paypal.com

 


Category: BusinessWire, PRAsia

Print This Post