Mastercard and PayPal today announced an expansion of their long-standing partnership to enhance the consumer experience by making Mastercard a prominent payment option within PayPal by enabling Masterpass as a payment instrument for Braintree merchants. and enabling PayPal's expansion into retail with benefits for Mastercard cardholders, banks and PayPal customers.
Thanks to the agreement, consumers and small merchants will be able to immediately transfer sums of money from their PayPal account to a Mastercard debit card. In addition, PayPal will receive incentives linked to transaction volumes and, under the agreement, will no longer be subject to fees on digital wallet operators.
“Responding to customer needs and forging partnerships are some of the fundamental principles for PayPal that guide our company's actions, providing our customers with more opportunities to manage and transfer money more easily, online, through apps and in-store,” he said Dan Schulman, President and CEO of Paypal. “With every deal signed, we are able to expand and increase the value of our brand, and improve our business. Mastercard has been a trusted partner of ours for many years and together we will continue to innovate, helping to grow digital payments and improve payment experiences for our mutual customers.”
“Consumers, whether paying in the physical or digital world, want to have access to a brand they are familiar with, like Mastercard,” said Ajay Banga, President and CEO of Mastercard. “Extending our partnership with PayPal further strengthens our commitment to our billions of cardholders around the world by giving them the ability to pay when, where and how they want, while enabling a seamless payment experience. and secure, as expected from Mastercard.
Masterpass will be added as a payment option for merchants who process payments through Braintree, a PayPal company. Merchants using Braintree as their payment platform will be able to easily integrate Masterpass into their checkout experiences, ensuring consumers enjoy the same experience.
In addition, Mastercard and PayPal have entered into a multi-year extension of the PayPal Business Debit Mastercard program agreement in the United States and Puerto Rico. This expansion of their partnership comes on the heels of the recent announcement that they have signed up to the multi-year extension of the co-branded PayPal Extras Mastercard program for credit card holders.
