Reportedly, the deal will broaden PayPal’s presence at the point of sale and ensure Masterpass for Braintree merchants in the region.
In addition to this, both the brands will partner to establish opportunities to influence Mastercard’s new payment flow technologies, providing increased value to Mastercard cardholders, financial institutions, and PayPal customers. Through this venture, PayPal consumers and small businesses across Asia Pacific will be provided with an opportunity to access funds held in their PayPal accounts to a Mastercard debit card.
“We’re excited to extend our long standing partnership with Mastercard into Asia Pacific,” said Rohan Mahadevan, Chief Executive Officer, PayPal Pte Ltd and Senior Vice President, APAC, PayPal Inc.
“Our partnership will continue to drive innovation, accelerate the move to digital payments, and improve payment experiences for our mutual customers in the region, unlocking the potential to millions of customers to more freely spend and move their money,” he added.
“Whether paying in the physical or digital world, consumers want to see the familiar Mastercard brand from their chosen issuer,” said Rama Sridhar, Executive Vice President, Digital and Emerging Partnerships, Asia Pacific, Mastercard.
“This expansion of our partnership with PayPal reinforces our commitment to our cardholders in the region to deliver the simple, speedy and secure payment experience they’ve come to expect from Mastercard. Furthermore, the agreement provides a number of joint growth opportunities that will advance Mastercard and PayPal’s shared vision to offer consumers greater choice and flexibility to pay and move their money,” Sridhar added.
This collaboration will enable the customers to seamlessly add Mastercard cards into PayPal from banking apps. As a part of the venture, Mastercard will be presented as a payment option within the PayPal Wallet, making it easily accessible to the consumer while transacting.