PayPal and Mastercard launch ‘unlimited cashback’ card for businesses

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On the back of its success in Germany, the UK and the US, PayPal has launched its first business debit card in Ireland, Italy, France, Spain and Austria. Developed with Mastercard, it will give PayPal business users “instant access” to their funds and balance for online and physical purchases, as well as “unlimited cashback”.

There are more than 52m locations where Mastercard is accepted worldwide and PayPal debit cardholders will be able to pay for goods and services at each one.

The card has no monthly fees, PayPal has said, and offers uncapped 0.5pc cash back on every euro the cardholder spends. The credit will appear automatically in the user’s PayPal business account at the start of the next month.

Using the card internationally won’t incur any foreign or exchange-rate fees and a fixed charge of €2 will be in place for ATM withdrawals in every country. This is in an effort to help businesses “run better across borders”.

PayPal EMEA’s vice-president of merchant operations, Maeve Dorman, called the announcement a “significant milestone for PayPal in Ireland”.

“The PayPal Business Debit Mastercard provides our business customers with a fast and easy way to use their PayPal funds, both online and in-person, throughout the world,” she said.

“We also fully understand the challenges that Irish businesses are facing since the onset of Covid-19. We believe that this new service is now more relevant than ever and will support organisations as they look to adjust and thrive in the new way of doing business.”

Sonya Geelon, Mastercard Ireland’s country manager, highlighted the importance of this support. “Small businesses form the backbone of the Irish economy,” she said, adding that one of the goals of the new service is to help “these key pillars of our community by making their access to funds as simple and convenient as possible”.

Earlier this year, PayPal was involved in another Covid-driven update when it launched its QR code payment functionality. The goal was to help small businesses reliant on cash avoid physical contact as much as possible.

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