PayPal launches its massive roll-out of credit card with 2% cash-back

30 August 2017

PayPalIn an effort to make its payment service ubiquitous beyond online use, PayPal has introduced a credit card with 2% cash back on purchases, which is one of the highest offers in the market. The rebate on purchases will be credited to a user online account and may be redeemed immediately for another purchase on PayPal or to transfer it to a bank account. The new card features no annual service fee.

This latest offering comes on the heels of Dan Schulman’s active work over bringing PayPal to a brand new level making it a universal instrument for consumers even in physical locations. Over the last 18 months the company led by Schulman has entered into 24 partnerships including Visa Inc, Apple Inc and JPMorgan Chase & Co.

The card has been already piloted with some of the customers and many of the users are already checking the balance of their online accounts making more shopping online. The company reported that by the end of June transactions made on PayPal increased by 10% to 32.3 in the preceding 12 months.

The new offer is a joint effort between PayPal and Mastercard Inc with Synchrony Financial, an issuer of private-label credit cards. Curtis Howse, speaking for Synchrony Financial, noted that given a trend of providing more cash-backs to consumers the partnership has made it possible to put forth such an offer ahead of their competitors.

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