Mastercard and PayPal extended an existing US and APAC agreement to cover the rest of the world, a move which will further expand the e-commerce giant’s reach into physical retail stores.
Following the deal, the pair will collaborate in Latin America, Africa, Europe and Canada to increase in-store PayPal acceptance and add a Mastercard payment option into PayPal’s digital channels.
The agreement is the expansion of a deal announced in September, and is similar in scope to one inked earlier this year between PayPal and Visa.
In 2017, PayPal has courted mobile wallet providers in a bid to further boost its offline presence, and struck a strategic agreement with Samsung covering Samsung Pay in July.
Mobile is a major priority for PayPal, with the company regularly reporting growth in mobile transaction levels, and talking-up the progress of its social person-to-person payments platform Venmo and contextual payment brand Braintree.
Speaking at MWC Americas in September, PayPal CEO Dan Schulman tipped mobile to fundamentally redefine retail.
Discussing the extended Mastercard deal, PayPal COO Gary Marino said: “Together we expect to accelerate digital payment adoption across the world, improve the payment experience online, in-app and in store, and empower millions of consumers to seamlessly manage and move their money.”
Ann Cairns, president of International Markets at Mastercard, added: “Our expanded partnership with PayPal affirms our commitment to our billions of cardholders across the globe to deliver the simple, speedy and secure payment experience they’ve come to expect from Mastercard, across devices and channels.”