PayPal Business Debit Mastercard expands into France, Italy and Spain
PayPal is bringing its contactless Business Debit Mastercard rewards card into five additional European countries.
The card is targeted to serving small-business owners by providing them with instant access to their PayPal funds, and rewards them with unlimited 0.5% cash back on their eligible spending. The expansion now covers Austria, France, Ireland, Italy and Spain — in addition to the card's existing availability in Germany, the U.K. and U.S.
“Supporting small businesses is an indispensable part of the economic recovery,” said David Dechamps, senior vice president of digital partnerships at Mastercard Europe, in the release. “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 first launched in the U.S. in 2003, where it is most commonly used to purchase business services and everyday items such as fuel and to pay for mobile phone bills. In Germany and the U.K., small business owners tend to use its debit card to purchase digital marketing services as well as retail goods for inventory.
PayPal has been making aggressive moves to grow its business during the COVID-19 pandemic as businesses and consumers have increasingly shifted their spending to digital channels. In July, PayPal announced that the acceleration of digital payments has led to a massive second quarter financial performance that was its best-ever since its IPO. In that quarter, PayPal’s CEO, Dan Schulman, announced that the company signed up nearly 1.7 million new merchants to its platform, giving it a total of over 26 million merchants worldwide. To fuel its expansion, PayPal raised $4 billion in the bond market in May.