Mastercard and PayPal have expanded their digital partnership to include Canada, Europe, Latin America and the Caribbean and the Middle East and Africa.
Through expanding their collaboration worldwide, both partners aim to improve customer choice, optimise the consumer experience and make Mastercard a clear payment option within PayPal worldwide.
The latest move follows the recent expansion of PayPal and Mastercard collaboration into the US and Asia Pacific region.
Similar to earlier agreements, Mastercard will be presented as a clear and equal payment option within the PayPal Wallet, thereby enabling Mastercard and their issuers easily identifiable to the consumer while making payments. The users will be able to select Mastercard as their default payment option to facilitate speedy and easy check-out.
Additionally, both partners will work to tap new Mastercard payment flow technologies, in a bid to offer increased value to Mastercard cardholders, financial institutions, and PayPal customers.
Tapping Mastercard’s tokenisation services, PayPal will have the opportunity to expand its presence at the point of sale. The collaboration will enable consumers to use their tokenised Mastercard in their PayPal Wallet to make in-store purchases at over 6.5 million contactless locations across the globe. PayPal will allow consumers to quickly cash out funds held in their PayPal accounts to a Mastercard debit card.
Masterpass will be offered as a payment option for merchants that process payments through Braintree in Europe, Latin America and the Caribbean and the Middle East and Africa besides to the US and Asia Pacific.
PayPal chief commercial officer Gary Marino said: “Today’s news is the latest in a line of great partnership developments with Mastercard. 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.”
Mastercard president international Ann Cairns said: “People everywhere know and trust the familiar Mastercard brand, whether they’re paying in the physical or digital world.
“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.”