PayPal has expanded partnership with Mastercard to roll out its PayPal Business Debit Mastercard in more European countries.
Already available in the UK, the US, and Germany, the business debit card will now be launched in five new European countries – Austria, France, Ireland, Italy, and Spain.
Using this card, businesses can access their PayPal funds instantly with unlimited 0.5% cash back on eligible purchases.
In the UK and Germany, the card is commonly used for purchasing digital marketing services and retail goods for inventory and supplies.
In the US, the card is mostly used to purchase business services and pay for gas and phone bills.
The PayPal Business Debit Mastercard allows businesses to spend their PayPal money at over 52 million locations globally – wherever Mastercard is accepted both online and in-store.
The card comes with no monthly fees and no foreign exchange fees. However, it charges a €2 ($2.33) flat fee for ATM withdrawals worldwide.
Mastercard Europe SVP of digital partnerships David Dechamps said: “At Mastercard, we are delighted to be PayPal’s partner of choice for issuing debit cards to their business customers.”
First launched in the US in 2003, the PayPal Business Debit Mastercard provided cashbacks whenever it was used.
PayPal pays out more than $45m annually to its business customers through its cashback programme.
PayPal VP of small business products and iZettle Jacob Geer said: “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.”
In February this year, FIS extended its alliance with PayPal to enable US cardholders to redeem their rewards points at merchants linked to PayPal.
In January, PayPal forged an alliance with UnionPay International to expand its network in the Chinese digital payments market.