October 30, 2020

PayPal, Mastercard Add 5 EU Countries To Card

PayPal and Mastercard are bringing the PayPal Business Debit Mastercard to more businesses in Europe. The companies said in a Wednesday (Sept. 23) announcement that the card is now available in France, Austria, Italy, Ireland and Spain beyond its current availability in the United Kingdom, Germany and the United States.

Small businesses can have immediate access to their PayPal funds and unlimited 0.5 percent cash back on all of their eligible spending with the debit card. They can spend funds kept in their PayPal accounts at more than 52 million Mastercard acceptance locations globally.

The debit card doesn’t have foreign exchange fees or monthly charges, while it has a flat ATM fee of 2 euros ($2.34) globally.

The pandemic has created hurdles for even the most financially strong small companies, and the expansion of the debit card’s availability occurs as business owners throughout the world require access to funds more than before.

The ability to easily buy items and services and get rewarded with extra cash as companies start to open again will be vital for their survival, according to the announcement.

“Supporting small businesses is an indispensable part of the economic recovery,” David Dechamps, senior vice president of Digital Partnerships at Mastercard Europe, said in the announcement. “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 is most typically used for buying retail products for supplies as well as inventory in addition to online marketing services in Germany and the U.K. In the U.S., however, the card is most often used to pay for everyday essentials, such as mobile phone bills and fuel in addition to business services.

“Each day that goes by when small businesses don’t receive the revenues and support that they need, the risk of bankruptcies increase,” Jacob de Geer, vice president of Small Business Products and iZettle at PayPal, said in the announcement. “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.”

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