PayPal Teams with MasterCard for Co-branded Debit Card
Card will Enable Users of Leading Online Payment Service to Pay with PayPal at 19 Million MasterCard Merchants Worldwide
Palo Alto, CA and Purchase, NY - December 21, 2000 - PayPal, the world's first and largest Internet-based payments service and MasterCard International, a global payments association today announced that PayPal will issue a co-branded debit card to its customers.
The arrangement will significantly increase the utility of the PayPal network - currently at 5 million users and growing by 20,000 new accounts each day - as qualifying customers will now be able to spend money from their online PayPal accounts at any of the 19 million MasterCard-accepting merchants worldwide. PayPal allows individuals and businesses to send and receive money instantly by email. The new debit card will also provide PayPal customers with quick and easy access to their funds from more than one-half million MasterCard-supported ATMs worldwide.
"PayPal users send more than $7 million each day to people and businesses all over the country from their online accounts," said Todd Pearson, vice president, Financial Services for PayPal. "With a PayPal MasterCard® debit card, they can now make purchases from their online accounts wherever MasterCard is accepted, and have instant ATM access to their PayPal balance around the globe."
"MasterCard is pleased to be the exclusive provider of debit cards for PayPal and provide the ability to facilitate purchases on the Internet and everywhere MasterCard is accepted for users of PayPal - the first and largest such network," said Dan Tuccillo, senior vice president, Deposit Access for MasterCard International. "As a result of this relationship with MasterCard and PayPal, consumers will have the ability to leverage the convenience of the Internet to email money and buy goods and services with the same online account."
The PayPal MasterCard debit card is linked to PayPal's Money Market Reserve Fund. This Fund provides participants with a rate of return on their invested funds, while also making those funds available for PayPal transactions.
PayPal is the instant and secure online payment service that allows people and businesses to send and receive money by e-mail, funded from bank accounts, credit cards or PayPal account. With more than 5 million users, PayPal is the world's first and largest Internet-based payment network, and the #1 financial site on the Internet, according to PC Data Online. PayPal is the preferred payment service for online auctions, online community and group web sites, and is seeing tremendous growth in use for e-commerce. Free to consumers, PayPal can be used from PCs or web-enabled mobile phones. A privately held company headquartered in Palo Alto, California, PayPal was recently named one of the 50 Most Important Private Companies in the World by Red Herring and one of the Top 25 New Companies by Fortune Small Business. The PayPal Website has been cited as among the "Best of the Web" by Forbes, Time, and U.S. News & World Report. For more information, please visit http://www.PayPal.com.
MasterCard International has the most comprehensive portfolio of payment brands in the world. More than 1 billion MasterCard‚, Cirrus‚ and Maestro‚ logos are present on credit, charge and debit cards in circulation today. An association comprised of 22,000 member financial institutions, MasterCard serves consumers and businesses, both large and small, in 210 countries and territories. MasterCard is the leader in quality and innovation, offering a wide range of payment solutions in the virtual and traditional worlds. With more than 19.1 million acceptance locations, no card is accepted in more places and by more merchants than the MasterCard Card. In 1999, gross dollar volume exceeded US$727 billion. MasterCard can be reached through its World Wide Web site at http://www.mastercard.com.