In a bid to further help small businesses, Mastercard Inc. MA together with PayPal Holdings, Inc. PYPL has announced the expansion of PayPal Business Debit Mastercard across the globe.
The PayPal Business Debit Mastercard is a debit card giving users an instant access to their money in PayPal.
With PayPal, users can make payments online or in-store anywhere in the world where Mastercard is accepted, withdraw money at any ATM with a Mastercard/Cirrus/Maestro mark, earn 1% cash back on eligible purchases when a user signs up for cash back and receive protection against unauthorized payments sent from their account with the Mastercard Zero Liability Policy.
Small business is one of the worst-hit categories in the COVID -19 scenario. Thus, it will be cushioned by through a speedy access of their PayPal funds by virtue of using this card. Fast access to funds is the need of the hour for most small businesses, which are facing significant cash crunch.
Sufficient financial resources are necessary to keep the wheels of the business moving and the availability of this debit card provides the necessary relief. As businesses begin to reopen, it becomes all the more imperative to be able to purchase products and services with convenience. Besides, getting rewarded with extra cash will provide customers a life line for survival. Moreover, they will get an unlimited 0.5% cash back on all their eligible spending. Thus, an immediate access to funds along with saving on spending is like an icing on the cake.
The PayPal Business Debit Mastercard is now available in five other European countries, namely Austria, France, Ireland, Italy and Spain. It was already in use in Germany, the United Kingdom and the United States.
Mastercard, which is accepted at more than 52 million locations across the globe, is one of the most widely-accepted cards in the world. Given its vast network, PayPal’s business customers can now spend money held in their PayPal account at all these places.
SMEs have been at the receiving end from the COVID-19-led business disruption, which impacted their supply chains and trade networks. These enterprises account for 90% of all global businesses and employ about half the workforce, delivering more than 50% of the GDP. Mastercard fathoms that the global economy won’t be back on track until small businesses regain stability and is therefore continuously bailing these enterprises out of the COVID-19-induced crisis.
Mastercard enables digital payments at millions of merchant locations around the world. It is its priority to help micro and small businesses thrive at every step, since SMBs constitute a huge customer base for the company.
Another player in the same space, American Express Co. AXP, has also been championing the cause of small business and promoting these entities since the past decade with its idea of Small Business Saturday, which was founded on Nov 27, 2010.
Visa Inc. V is also a huge supporter of small businesses and kept taking continuous initiatives to that end.
Mastercard carries a Zacks Rank #3 (Hold), currently. The stock has rallied 19.7% in a year compared with the industry’s growth of 6.5%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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