MasterCard and PayPal have extended their collaboration into Asia Pacific to enhance the consumer experience and make MasterCard a clear payment option within PayPal.
MasterCard believes that the partnership will broaden PayPal’s presence at the point of sale and enable Masterpass for Braintree merchants in the region.
As a result of collaboration, consumers can add MasterCard cards into PayPal from banking apps whereas MasterCard will be offered as a clear and equal payment option within the PayPal Wallet.
Furthermore, PayPal will allow consumers and small businesses across Asia Pacific to instantly cash out funds held in their PayPal accounts to a MasterCard debit card.
PayPal senior vice president of APAC and PayPal Pte Ltd CEO Rohan Mahadevan said: “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.”
MasterCard executive vice president of digital and emerging partnerships for Asia Pacific Rama Sridhar said: “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.
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“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.”