Bancorp to begin issuing PayPal Debit MasterCard

The Bancorp Bank Payment Solutions group, a division of The Bancorp, Inc., announced on Monday that it will become the new issuer of the PayPal Debit MasterCard.

“We are thrilled to work with PayPal to bring the PayPal Debit MasterCard to their 106 million active users,” Jeremy Kuiper, the managing director of The Bancorp Payment Solutions Group, said. “Consumers want to be able to feel secure when shopping online with a debit card, and with PayPal’s dedication to security, we’re able to deliver a great solution with the PayPal Debit MasterCard card.”

The PayPal Debit MasterCard can be used internationally, online, at ATMs and anywhere a MasterCard is accepted. The card also allows users to earn one percent cash back when the user is enrolled in the PayPal Preferred Rewards Program.

PayPal, a unit of California-based eBay, Inc., has been reaching out more to U.S. retail banks about potential partnerships. Last month, PayPal signed a distribution agreement with NetSpend Holdings, Inc., that enables PayPal users to have full access to online site features and accessibility. PayPal and MasterCard launched a different prepaid card in the United Kingdom that allows merchants to access money in PayPal accounts without a funds transfer.

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