Mastercard and PayPal Expand Partnership in Asia Pacific to Spur Mobile and Digital Commerce
August 02 2017 - 10:00PM
Business Wire
Agreement will expand customer choice and
enhance user experience across the region
http://mstr.cd/2w5c6Ny
Mastercard (NYSE: MA) and PayPal (NASDAQ: PYPL) today announced
an extension of their partnership into Asia Pacific to enhance the
consumer experience and make Mastercard a clear payment option
within PayPal.
The deal will expand PayPal’s presence at the point of salei and
enable Masterpass for Braintree merchants in the region.
Additionally, both companies will collaborate to create
opportunities to leverage Mastercard’s new payment flow
technologies, providing increased value to Mastercard cardholders,
financial institutions, and PayPal customers. PayPal will also have
the opportunity to give consumers and small businesses across Asia
Pacific the ability to cash out funds held in their PayPal accounts
to a Mastercard debit card.
“We’re excited to extend our long standing partnership with
Mastercard into Asia Pacific,” said Rohan Mahadevan, Chief
Executive Officer, PayPal Pte Ltd and Senior Vice President, APAC,
PayPal Inc. “Our partnership will continue to drive innovation,
accelerate the move to digital payments, and improve payment
experiences for our mutual customers in the region, unlocking the
potential to millions of customers to more freely spend and move
their money.”
“Whether paying in the physical or digital world, consumers want
to see the familiar Mastercard brand from their chosen issuer,”
said Rama Sridhar, Executive Vice President, Digital and Emerging
Partnerships, Asia Pacific, Mastercard. “This expansion of our
partnership with PayPal reinforces our commitment to our
cardholders in the region to deliver the simple, speedy and secure
payment experience they’ve come to expect from Mastercard.
Furthermore, the agreement provides a number of joint growth
opportunities that will advance Mastercard and PayPal’s shared
vision to offer consumers greater choice and flexibility to pay and
move their money.”
Through collaborations with Mastercard bank partners, consumers
will be able to seamlessly add Mastercard cards into PayPal from
banking apps. Mastercard will be presented as a clear and equal
payment option within the PayPal Wallet, making it easily
identifiable to the consumer when transacting. Customers will also
see a familiar digital representation of their Mastercard from
their chosen issuer. Moreover, consumers will be able to choose
Mastercard as their default payment method to allow for quick and
easy check-out.
The deal will also give PayPal the opportunity to expand its
presence at the point of sale by utilizing tokenization services
from Mastercard. This will allow consumers to use their tokenized
Mastercard in their PayPal Wallet to make in-store purchases at the
more than 6.5 million contactless-enabled merchant locations across
the globe. In addition, customers will have the ability move funds
to their bank accounts via their Mastercard debit cards in real
time across multiple markets.
The partnership will also bring more choice for merchants,
adding Masterpass as a payment option for those that process
payments via Braintree. Merchants that leverage Braintree will be
able to easily integrate Masterpass into their checkout
experiences, providing a seamless user experience for their
customers.
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. *Only
applicable where PayPal is available to accept in store
payments
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’s 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
@MastercardAP and @MastercardNews, join the discussion on the
Beyond the Transaction Blog and subscribe for the latest news on
the Engagement Bureau.
i Where PayPal is available in market
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PayPalGillian Loo, +65 9026
3323Gloo@paypal.comorMastercardGeorgette Tan, +65 6390
5971georgette.tan@mastercard.comorAndrea Fang, +65 6825
8030afang@webershandwick.com
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