PayPal and MasterCard have expanded their partnership that will improve user experience for MasterCard customers and PayPal users while providing Masterpass as a payment option for merchants through PayPal’s Braintree.
The agreement will enable consumers and SMBs to immediately cash out funds held in their PayPal accounts to a MasterCard debit card.
Under the deal, PayPal will be provided certain financial volume incentives and will not charge any digital wallet operator fee.
PayPal president and CEO Dan Schulman said: “Customer choice and partnership are fundamental principles for PayPal that guide how we operate as a company, giving our customers greater opportunities to more easily manage and move their money online, in app and in-store.
“With each partnership agreement that we sign, we further expand the ubiquity and value of the PayPal brand and improve our own economics. By collaborating and innovating together we will continue to help move digital payments forward and improve payment experiences for our mutual customers.”
MasterCard president and CEO Ajay Banga said: “Whether paying in the physical or digital world, consumers want to see the familiar MasterCard brand from their chosen issuer.
“The expansion of the partnership with PayPal further reinforces our commitment to our billions of cardholders across the globe to provide them the choice to pay when, where and how they want while delivering the simple and secure payment experience they’ve come to expect from MasterCard.”