Mastercard, Paypal expand partnership

Mastercard and PayPal extended their partnership into Asia Pacific to further enhance the consumer experience.

The deal expands PayPal’s presence at the point of sale and enables Masterpass for Braintree merchants in the region.

Additionally, both companies would collaborate to create opportunities to leverage Mastercard’s new payment flow technologies, providing increased value to Mastercard cardholders, financial institutions and PayPal customers.

PayPal would also have the opportunity to give consumers and small businesses across Asia Pacific the ability to cash out funds held in their PayPal accounts to a Mastercard debit card.

PayPal Pte Ltd. chief executive officer and PayPal Inc. senior vice president for Asia Pacific Rohan Mahadevan said the company is excited to extend its long-standing partnership with Mastercard into Asia Pacific.

“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,” Mahadevan added.

Mastercard executive vice president Rama Sridhar said consumers want to see the familiar Mastercard brand from their chosen issuer whether paying in the physical or digital world.

“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,” Sridhar said.