PayPal Business Debit Mastercard Expands Into 4 New European Countries
PayPal and Mastercard say they will make their debit card for business available to clients in four new countries.
First launched in 2003, the PayPal Business Debit Mastercard is already available in the U.S., Great Britain, Spain, France, Italy, Germany, Ireland, Spain and Austria. The two companies said in an announcement on Wednesday (Sept. 1) that it is expanding it into Belgium, Finland, Portugal and the Netherlands.
According to PayPal, the card makes it easier for small businesses to get fast access to their available PayPal funds, and can also provide unlimited cashback on eligible spending.
And because Mastercard is one of the world’s most widely accepted credit cards, PayPal business customers can spend money held in PayPal accounts at more than 52 million locations around the world. The debit card comes with no monthly fees or foreign exchange fees, and has a flat ATM withdrawal charge of $2.75 worldwide.
The cash-back program pays out more than $48 million a year to business owners. In European markets, business owners typically use it to buy digital marketing services and inventory and supplies, while U.S. business customers mostly use it to purchase business services and everyday essentials like fuel and restaurant meals.
“The past two years have been challenging for small businesses around the world, and easy, fast, access to their available funds has never been more vital,” said Ed Hallett, senior director, SMB omnichannel, PayPal. “The PayPal Business Debit Mastercard provides them with that, as well as the ability to get cash back, which helps businesses thrive.”
Read more: PayPal Considers US Stock Trading Offering
The news comes a few days after a report by CNBC that PayPal is considering offering a stock trading platform for its customers in the U.S.
The platform isn’t likely to launch this year, according to one source. The payments company might need to work with or buy a brokerage firm to get the platform running, per the report.