PayPal has announced a new partnership with MasterCard today which is going to increase the payment service’s presence at point-of-sale in retail stores. The company signed a similar deal with Visa earlier this year and with this latest partnership it now has the same agreement with two of the most widely used card networks.
PayPal is best known for processing online payments. You can use this service to send money to friends and family as well as pay for online purchases. Merchants can use PayPal to accept online payments from their customers.
It hasn’t been a popular payment method for retail customers because PayPal started out as an online payments processor. These deals with Visa and MasterCard are going to expand the company’s presence in retail and enable people to select PayPal as a payment option when they check out at a physical store.
Those who have a MasterCard will now be able to use a tokenized version of the card in PayPal Wallet to pay for purchases at more than five million supported merchants across the globe where contractless payments are accepted. This partnership will also enable users and small businesses to instantly withdraw funds from their PayPal account to a MasterCard account.
PayPal and MasterCard have also extended their previous partnership which covers the PayPal Extras MasterCard co-branded credit card program, the program has now been provided a multi-year extension.