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09 September 2016

PayPal, MasterCard reach deal for store payments
MasterCard Inc said this week 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.