Mastercard and PayPal have once again expanded the geographical scope of their collaboration.
They first announced their collaboration in the area of mobile payments at the end of the summer of 2016, with Mastercard agreeing to offer tokenization services for PayPal transactions and waving fees for integration into its digital wallet, and PayPal agreeing to present Mastercard as a prominent payment option in its online services and to let users transfer money from PayPal to Mastercard debit cards, among other benefits. This summer, the benefits of the partnership – including support for Masterpass on PayPal’s Braintree merchant network – were extended into the APAC region, and now the companies are bringing it to Canada, Europe, the Middle East, Latin America, and the Caribbean.
In a statement announcing the partnership expansion, PayPal Chief Commercial Officer Gary Marino said the companies “expect to accelerate digital payment adoption across the world,” while Mastercard International President Ann Cairns said the expansion “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.”
The expansion further underscores the collaborative approach that Mastercard, PayPal, and others like Visa and Samsung have adopted in recent months, evidently seeing interoperability and cooperation as key to fully exploiting the growing digitization of payments.