Mastercard and PayPal Expand Digital Partnership Globally
October 05 2017 - 3:00AM
Business Wire
The global agreement expands the partnership to
now include Canada, Europe, Latin America and the Caribbean and the
Middle East and Africa
Mastercard (NYSE:MA) and PayPal (NASDAQ:PYPL) today announced a
significant expansion of their longstanding partnership into
Canada, Europe, Latin America and the Caribbean and the Middle East
and Africa to enhance customer choice, optimize the consumer
experience and make Mastercard a clear payment option within PayPal
across the globe. With the addition of these markets – and
following the recent expansion of their partnership into the U.S.
and Asia Pacific – Mastercard and PayPal have now reached a global
agreement.
Similar to previous agreements, the global expansion will create
a number of joint growth opportunities that will advance Mastercard
and PayPal’s shared vision to offer consumers greater choice and
flexibility to manage and move their money:
- 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.
- Mastercard and PayPal will work
together to leverage new Mastercard payment flow technologies,
providing increased value to Mastercard cardholders, financial
institutions, and PayPal 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 tokenization
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 U.S. 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.
“Today’s news is the latest in a line of great partnership
developments with Mastercard,” said Gary Marino, Chief Commercial
Officer at PayPal. “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.”
“People everywhere know and trust the familiar Mastercard brand,
whether they’re paying in the physical or digital world,” said Ann
Cairns, President International, Mastercard. “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.”
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 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
@MastercardNews, join the discussion on the Beyond the Transaction
Blog and subscribe for the latest news on the Engagement
Bureau.
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20171005005177/en/
Communications:MastercardJim Issokson,
914-249-6286James.issokson@mastercard.comorPayPalChris
Morse, 914-413-3045cmorse@paypal.com
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