PayPal, MasterCard reach deal for store payments

Follow us on Social Media

A MasterCard logo is seen on a door outside a restaurant in New York, February 3, 2010. REUTERS/Shannon Stapleton
Social sharing

MasterCard Inc said on Tuesday it had expanded its deal with payment processor PayPal Holdings Inc, which would allow customers to use PayPal’s payment services in stores.

PayPal’s partnership follows a similar deal with MasterCard’s larger rival Visa Inc in July as the company looks to expand its payments network.

PayPal will allow users to select a credit or debit card as the default payment method and share data on transactions made through MasterCard’s tap-and-pay feature, which allows the shopper to wave a card or mobile phone over a reader to pay, the companies said in a statement.

As part of the deal, MasterCard will allow PayPal users to withdraw cash from their accounts using a debit card and also waive the digital wallet fee it currently charges PayPal.

The two companies have an existing partnership for co-branded consumer credit cards in the United States and Puerto Rico.

PayPal, spun off from e-commerce company eBay Inc last year, has focused on aggressive growth.

The company’s revenue in the second quarter rose more than 15 percent to $2.65 billion from a year earlier and the volume of payments it processes jumped 28 percent to $86.21 billion.

The partnership with MasterCard was first reported by the Wall Street Journal. (on.wsj.com/2c7upJI)

READ ALSO  El-Rufai In Trouble As Lawmakers Set Up Committee To Probe Him

PayPal is also in discussions with banks that issue cards, to explore new products and partnerships, the Journal report said, citing people familiar with the matter.

Shares of PayPal were slightly higher in premarket trading. Up to Friday’s close of $37.07, the stock had risen 2.4 percent this year.

(Reporting by Narottam Medhora in Bengaluru; Editing by Maju Samuel and Sayantani Ghosh)

Leave your comment on this post

THE ROTTEN FISH: CAN OF WORMS OPENED OF APC & TINUBU'S GOVERNMENT OVER NIGERIA'S ECONOMIC DOWNTURN

WATCH THE CRITICAL ANALYSIS AND KNOW THE RESPONSIBLE PARTIES TO BLAME FOR NIGERIA'S ECONOMIC CHALLENGES, WHILE CITIZENS ENDURE SEVERE HARDSHIPS.

Watch this episode of ISSUES IN THE NEWS on 9News Nigeria featuring Peter Obi's Special Adviser, Dr Katch Ononuju, 9News Nigeria Publisher, Obinna Ejianya and Tinubu Support Group Leader, McHezekiah Eherechi

The economic crisis and hardship in Nigeria are parts of the discussion.


Watch, leave your comments, and share to create more awareness on this issue.


#9NewsNigeria #Nigeria #issuesInTheNews #politics #tinubu THE ROTTEN FISH: CAN OF WORMS OPENED ...
DON'T FORGET TO SUBSCRIBE AND LEAVE YOUR COMMENTS FOR SUBSEQUENT UPDATES
#9newsnigeria #economia #economy #nigeria #government @9newsng
www.9newsng.com

Leave your comment

Click on the link below or Scan the QR Code to join the 9News Nigeria WhatsApp Channel

9News Nigeria Investigative Reports WhatsApp Channel
9News Nigeria Investigative Reports WhatsApp Channel
About 9News Nigeria 13336 Articles
9News Nigeria is Nigeria's favourite news source. For Authentic, Unbiased News on Politics, Business, Sports, Technology, Entertainment and Lifestyles, Health, Nollywood, Crime and Investigations, Family and Relationships, Inspirations .. and much more. For Latest News from Africa and around the world, 9News Nigeria is your best source. WhatsApp +2348115805632 Email: info@9newsng.com Facebook: www.facebook.com/9NewsNG | Twitter/Instagram: @9newsng

Be the first to comment

Leave a Reply