Mastercard and PayPal extend digital partnership
Written by Chris Lemmon
Mastercard and PayPal have announced an expansion of their partnership into Canada, Europe, Latin American, the Caribbean, the Middle East and Africa, in an effort to “enhance customer choice and optimise the customer experience”.
As part of the deal, 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.
The two firms will work together to leverage new Mastercard payment flow technologies, providing increased value to card holders, financial institutions and 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 tokenisation 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 US 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.
Gary Marino, chief commercial officer at PayPal, 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.”
Ann Cairns, international president of Mastercard, added: “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.”