With the PayPal Cashback MasterCard, the company aims to increase the use of PayPal in stores, where Apple Pay and Android Pay are gaining ground.
PayPal today launched a new credit card called PayPal Cashback MasterCard . The card is characterized by being the first to offer buyers a cash refund directly on purchases, rather than points that vary by category.
The card, presented in partnership with Synchrony Financial, will have a 2% return on purchases , with no annual fee, minimal redemption, expiration or restrictions on how to spend the rewards in cash, according to the electronic payment company.
It will also include PayPal’s security protections as well as standard MasterCard benefits: extended warranty coverage, purchase protection, and identity theft assistance. Purchases via PayPal, on the other hand, will have the PayPal Purchase Protection at no additional cost.
The PayPal Cashback MasterCard is only available to PayPal members and will be automatically added to users’ PayPal wallets once approved, reports TechCrunch .
With this cash credit card, the company aims to increase the use of PayPal in stores , where mobile payment alternatives such as Apple Pay, Android Pay and Samsung Pay are gaining ground. Given consumers’ preference for cash back cards, PayPal expects cardholders to “manage their accounts, redeem cash rewards and make payments by logging into their PayPal account, giving customers another reason to access and use your PayPal accounts. ”