SAN JOSE, Calif. and BRUSSELS, Sept. 23,
2020 /PRNewswire/ -- Today, PayPal (Nasdaq: PYPL) and
Mastercard (NYSE: MA) announced that they are continuing the global
expansion of the popular PayPal Business Debit Mastercard. The
debit card makes it easier for small businesses to have instant
access to their PayPal funds and gives them unlimited 0.5% cash
back1 on all their eligible spending.
The PayPal Business Debit Mastercard is now available in five
new European countries - Austria,
France, Ireland, Italy and Spain - in addition to its existing
availability in Germany, the
United Kingdom and United States.
Mastercard is the one of the most widely accepted cards in the
world, meaning PayPal's business customers can now spend money held
in their PayPal account at over 52 million Mastercard acceptance
locations worldwide2. The debit card has no
monthly fees, no foreign exchange fees and a flat ATM withdrawal
charge of just €2 worldwide.
With its cash back program, PayPal pays out over $45million USD to business owners every year. The
COVID-19 pandemic has challenged even the most financially sound
small businesses and the expanded availability of the PayPal
Business Debit Mastercard comes at a time where business owners
around the globe need access to funds more than ever. As businesses
begin to reopen, conveniently being able to purchase products and
services and getting rewarded with extra cash will be vital for
their survival.
In the UK and Germany, the
PayPal Business Debit Mastercard is most often used for purchasing
digital marketing services and retail goods for inventory and
supplies, whilst in the US, the card is most commonly used to
purchase business services and everyday essentials like petroleum
and cellular phone bills.
"Each day that goes by when small businesses don't receive the
revenues and support that they need, the risk of bankruptcies
increase. As an industry, we must make it as easy as possible for
small businesses to get access to their funds fast, and our global
expansion of the PayPal Business Debit Mastercard does just that",
says Jacob de Geer, Vice President
of Small Business Products & iZettle, PayPal.
David Dechamps, Senior Vice
President, Digital Partnerships at Mastercard Europe noted:
"Supporting small businesses is an indispensable part of the
economic recovery. To that end, we want to make it as simple and
convenient as possible for businesses to access their funds. At
Mastercard we are delighted to be PayPal's partner of
choice for issuing debit cards to their business
customers."
The PayPal Business Debit Mastercard was first launched in the
US in 2003, providing a cashback reward whenever it was used. Since
then, PayPal has chosen to work with Mastercard to expand its
business debit card offering to Germany and the United Kingdom, and now further to
Austria, France, Ireland, Italy, and Spain. For more information on the PayPal
Business Debit Mastercard, and how to request one, please visit
http://www.paypal.com/us/businessdebit
Notes to Editors
The key features of the PayPal
Business Debit Mastercard include:
- Instant access to PayPal funds for all business
spending: Business owners can use their PayPal funds
wherever Mastercard is accepted both online and in-person.
- Unlimited and uncapped cash back: PayPal business
customers will receive 0.5% cash back on all eligible purchases
made with the card with no caps or limits.
- No foreign exchange fees: PayPal business customers
will benefit from no foreign exchange fees for international online
or in-person purchases to help their business run better across
borders
- Flat €2 fee for ATM withdrawals anywhere in the
world: Business owners can access cash worldwide 24 hours
a day, seven days a week, with a flat fee of €2 for ATM
withdrawals.
- No monthly fees: The PayPal Business Debit Mastercard is
free with no monthly fees for all business customers.
About PayPal
PayPal has remained at the forefront of
the digital payment revolution for more than 20 years. By
leveraging technology to make financial services and commerce more
convenient, affordable, and secure, the PayPal platform is
empowering more than 300 million consumer and merchant accounts in
more than 200 markets to join and thrive in the global economy. For
more information, visit paypal.com.
About Mastercard (NYSE:
MA), www.mastercard.com Mastercard is a global
technology company in the payments industry. Our mission is to
connect and power an inclusive, digital economy that benefits
everyone, everywhere by making transactions safe, simple, smart and
accessible. Using secure data and networks, partnerships and
passion, our innovations and solutions help individuals, financial
institutions, governments and businesses realize their greatest
potential. Our decency quotient, or DQ, drives our culture and
everything we do inside and outside of our company. With
connections across more than 210 countries and territories, we are
building a sustainable world that unlocks priceless possibilities
for all.
Follow us on Twitter @MastercardEU @MastercardNews,
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PayPal contacts
Miandersson@paypal.com
jogallo@paypal.com
Mastercard
contacts
Rose.Beaumont@mastercard.com
Aylin.Fastenau@mastercard.com
1 Cash back may vary per country.
2 The 2019 Nilson Report
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SOURCE PayPal, Inc.