Mastercard and PayPal have announced an extension of their partnership into Asia Pacific to make Mastercard a clear payment option within PayPal.
Through collaborations with Mastercard bank partners, consumers will be able to seamlessly add Mastercard cards into PayPal from banking apps. Mastercard will be presented as a clear and equal payment option within the PayPal Wallet, making it easily identifiable to the consumer when transacting. Customers will also see a familiar digital representation of their Mastercard from their chosen issuer.
Moreover, consumers will be able to choose Mastercard as their default payment method to allow for quick and easy check-out.
The deal will also give PayPal the opportunity to expand its presence at the point of sale by utilizing tokenization services from Mastercard. This will allow consumers to use their tokenized Mastercard in their PayPal Wallet to make in-store purchases at the more than 6.5 million contactless-enabled merchant locations across the globe. In addition, customers will have the ability move funds to their bank accounts via their Mastercard debit cards in real time across multiple markets.
PayPal will also have the opportunity to give consumers and small businesses across Asia Pacific the ability to cash out funds held in their PayPal accounts to a Mastercard debit card.
The partnership will also bring more choice for merchants, adding Masterpass as a payment option for those that process payments via Braintree. Merchants that leverage Braintree will be able to easily integrate Masterpass into their checkout experiences, providing a seamless user experience for their customers.
Rohan Mahadevan, CEO of PayPal Pte Ltd and senior VP for APAC at PayPal, said the partnership would accelerate the move to digital payments, and improve payment experiences for customers of both companies in the region.
Rama Sridhar, executive VP of Digital and Emerging Partnerships, Asia Pacific, at Mastercard, said the agreement provides a number of joint growth opportunities for both companies.