Mastercard, PayPal integrate services in Asia
Mastercard and PayPal have extended their partnership into the Asia-Pacific region in a deal that will expand the latter’s presence at the point of sale and enable Masterpass for Braintree merchants.
The companies will use Mastercard’s new payment-flow technologies, adding value to cardholders, financial institutions and PayPal customers.
PayPal consumers and small businesses will also be able to cash out funds in their accounts to a Mastercard debit card.
“Our partnership will continue to drive innovation, accelerate the move to digital payments, and improve payment experiences for our mutual customers in the region,” said PayPal chief executive Rohan Mahadevan.
“Whether paying in the physical or digital world, consumers want to see the familiar Mastercard brand from their chosen issuer,” added Mastercard executive vice president Rama Sridhar.
“This expansion of our partnership with PayPal reinforces our commitment to deliver a simple, speedy and secure payment experience.”
Consumers will be able to add Mastercard cards into PayPal from banking apps. Mastercard will appear as a payment option within the PayPal Wallet.
Customers will also see a familiar digital representation of their Mastercard from their chosen issuer and be able to choose Mastercard as their default payment method.
The deal gives PayPal the opportunity to expand its presence at the point of sale by utilising tokenisation services from Mastercard. Consumers will be able to use Mastercard in their PayPal Wallet to make purchases at more than 6.5 million contactless-enabled retail outlets across the globe and move funds to their bank accounts via their Mastercard debit cards in real time.
Merchants that process payments via Braintree will now have Masterpass as a payment option.
