PayPal Adds New Physical PayPal Credit Card for in-Store Purchases
introduced a new physical card that enables customers to use for in-store purchases.
With the addition of the , which will be rolled out to customers in the United States in the coming weeks, this flexible financing option can be used online, in-store and everywhere is accepted, the company said in a Tuesday (June 3) .
“PayPal Credit is one of our most popular products, and customers have long been requesting the ability to use it on-the-go as they look for more choice and flexibility wherever they shop,” , senior vice president and global head of consumer financial services at PayPal, said in the release.
The card is issued by and paired with Mastercard’s global acceptance network, according to the release. It joins the , providing another physical option for online and in-store use.
, executive vice president and CEO,Digital at Synchrony, said in the release that the new physical card option gives customers greater purchasing power online and offline.
, executive vice president, global partnership at Mastercard, said in the release that the card “empowers cardholders to shop seamlessly and confidently everywhere — whether they’re booking summer travel or making everyday purchases.”
PayPal is among the FinTechs that are capitalizing on the continued buildout of digital solutions and products, including , to move beyond the confines of commerce and become, in essence, banks themselves, PYMNTS reported in February.
In the case of PayPal, the company’s omnichannel “PayPal Everywhere” solution came with the September integration of its debit card with for in-person commerce.There was also an expansion of its rewards program, letting users pick a monthly category of spending, such as groceries or clothing, to receive 5% cash back.
PayPal has also been expanding its portfolio of value-added services, which includes offerings like optimized debit routing, fraud protection, payouts, invoicing and point-of-sale solutions, and consumer and merchant .
The company said in April during its quarterly earnings report that revenue from “other value-added services” demonstrated strong growth in the first quarter, increasing 17% to reach $775 million.”
