Today, PayPal announced that PayPal Credit can now be used everywhere with the introduction of a new physical card, issued by Synchrony (NYSE: SYF). This expands its popular digital PayPal Credit offering to use both online when checking out with PayPal and in-store and everywhere Mastercard® is accepted.
When using the new physical card, customers will also have access to a limited-time offer to pay for travel purchases over six months with promotional financing and no minimum spend1. This gives account holders a more manageable way to pay for qualifying travel purchases like flights, hotels, cruises, and ride shares, which can be spread over time to best suit their budget and needs.
PayPal Credit is a customer-favorite way to pay online, and the new physical card meets growing demand to extend this unique, flexible financing option for in-store use. This is PayPal's next flexible payment innovation that caters to customers looking to take PayPal Credit everywhere. In addition to the limited-time travel offer, customers can continue to enjoy six-month promotional financing on PayPal purchases over $149.1
"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," said Scott Young, SVP, Global Head of Consumer Financial Services at PayPal. "From our buy now pay later options to our credit cards, we continue to bring customers a range of solutions to help them manage cash flow and pay in the ways that suits their budgets for the things they love and need."
"As a long-time partner for PayPal's credit products, we are committed to continually innovating our offerings and enhancing the customer experience," said Bart Schaller, EVP & CEO, Digital at Synchrony. "Bringing customers another physical card option to use for everyday purchases gives them greater purchasing power both on and offline."
"We're proud to expand our longstanding partnership with PayPal to bring even more value and flexibility to consumers," said Adam Granoff, EVP, Global Partnerships at Mastercard. "Bringing together Mastercard's global acceptance network with PayPal's trusted digital platform, this new offering extends PayPal Credit with a physical card that empowers cardholders to shop seamlessly and confidently everywhere—whether they're booking summer travel or making everyday purchases."
This new offering joins the PayPal Cashback Mastercard® as another physical option to use both online and in stores and can be added to mobile wallets for fast and easy tap-to-pay. Plus, customers looking for flexibility at checkout can also apply for a PayPal Buy Now Pay Later loan which lets them break purchases into smaller payments over weeks or months.
The physical card will be rolling out in the coming weeks to US customers. Eligible existing PayPal Credit customers will be notified about their card upgrade over the coming weeks. Learn more about PayPal Credit and the new physical card here.
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