PALO ALTO, Calif., and PURCHASE, N.Y. -- Internet-based payment service
PayPal and MasterCard International announced that PayPal will issue a co-branded debit card to its customers. The companies expect the agreement to increase the utility of the PayPal network -- currently at 5 million users and growing by 20,000 new accounts each day.Qualified customers will 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 e-mail. The new debit card will also provide PayPal customers with access to their funds from more than one-half million MasterCard-supported ATMs worldwide.
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.
