The new PayPal Business Debit Mastercard will help business users in Ireland instantly access their funds.
After rolling it out in Germany, the UK and the US, PayPal has now 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”.
The card has no monthly fees, PayPal 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. It can be used in more than 52m locations where Mastercard is accepted worldwide.
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, added that small businesses “form the backbone of the Irish economy” and 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 launched a new QR code payment functionality to help small businesses that are traditionally reliant on cash to avoid physical contact as much as possible during Covid-19.