PayPal and Mastercard expand debit card offering to more European businesses
PayPal and Mastercard announced that they are continuing the global expansion of the popular PayPal Business Debit Mastercard. The debit card makes it easier for small businesses to have instant access to their PayPal funds and gives them unlimited 0.5% cash back on all their eligible spending.
The PayPal Business Debit Mastercard is now available in five new European countries – Austria, France, Ireland, Italy and Spain – in addition to its existing availability in Germany, the United Kingdom and United States.
Mastercard is the one of the most widely accepted cards in the world, meaning PayPal’s business customers can now spend money held in their PayPal account at over 52 million Mastercard acceptance locations worldwide. The debit card has no monthly fees, no foreign exchange fees and a flat ATM withdrawal charge of just €2 worldwide.
With its cash back program, PayPal pays out over $45million USD to business owners every year. The COVID-19 pandemic has challenged even the most financially sound small businesses and the expanded availability of the PayPal Business Debit Mastercard comes at a time where business owners around the globe need access to funds more than ever. As businesses begin to reopen, conveniently being able to purchase products and services and getting rewarded with extra cash will be vital for their survival.
In the UK and Germany, the PayPal Business Debit Mastercard is most often used for purchasing digital marketing services and retail goods for inventory and supplies, whilst in the US, the card is most commonly used to purchase business services and everyday essentials like petroleum and cellular phone bills.
“Each day that goes by when small businesses don’t receive the revenues and support that they need, the risk of bankruptcies increase. As an industry, we must make it as easy as possible for small businesses to get access to their funds fast, and our global expansion of the PayPal Business Debit Mastercard does just that”, says Jacob de Geer, Vice President of Small Business Products & iZettle, PayPal.
David Dechamps, Senior Vice President, Digital Partnerships at Mastercard Europe noted: “Supporting small businesses is an indispensable part of the economic recovery. To that end, we want to make it as simple and convenient as possible for businesses to access their funds. At Mastercard we are delighted to be PayPal’s partner of choice for issuing debit cards to their business customers.”
The PayPal Business Debit Mastercard was first launched in the US in 2003, providing a cashback reward whenever it was used. Since then, PayPal has chosen to work with Mastercard to expand its business debit card offering to Germany and the United Kingdom, and now further to Austria, France, Ireland, Italy, and Spain.
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