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.
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