PayPal has announced the launch of its inaugural debit and credit cards, along with the introduction of a new rewards program. These cards will be available in both physical and digital formats, enabling users to utilize their PayPal wallet for in-store purchases for the first time.
The new PayPal debit card will be directly linked to the user’s PayPal wallet and one of their bank accounts. In case of insufficient funds in the PayPal wallet, the purchase amount will be deducted from the linked bank account. PayPal has stated that the debit card can be used globally without any transaction fees, while the credit card can be used wherever Mastercard is accepted.
Simultaneously, PayPal is introducing its new loyalty program, allowing customers to earn points on both online and in-store transactions. Participants will earn one point for every £10 spent, with the ability to redeem £10 back for every 1,000 points accumulated through PayPal transactions. Additionally, users of the PayPal debit card will receive ten points for every £10 spent.
The loyalty scheme comprises three tiers: Blue, Gold, and Black. Members of the Gold and Black tiers will enjoy enhanced benefits such as increased points at checkout, VIP experiences, and exclusive perks. The program is designed to be compatible with other loyalty schemes, enabling users to stack and earn PayPal+ points alongside other rewards. Signing up for PayPal+ is free of charge.
Diego Scotti, General Manager of PayPal’s Consumer Group, expressed enthusiasm for the launch, emphasizing the company’s commitment to providing a seamless payment experience both online and in physical stores. Tamer El-Emary, General Manager of PayPal UK, echoed these sentiments, highlighting the company’s dedication to enhancing customer satisfaction and value through innovative products and services.
The introduction of PayPal’s debit and credit cards, coupled with the innovative loyalty program, reflects the company’s efforts to offer a more rewarding and versatile payment solution for consumers in the UK.
