PayPal in deal with Visa to offer debit cards in Europe

PayPal has struck a deal with Visa that enables it to issue debit cards in Europe, as the online payments service company moves further into traditional retail banking territory. As part of the deal, PayPal, which already has a banking licence in Europe, will be able to offer PayPal-branded Visa debit cards. Mr Magats said that PayPal had several merchant customers that would prefer to use PayPal rather than a bank account for day-to-day spending, and customers who did all their online transactions via PayPal who wanted to extend this to card spending. The deal with Visa will give PayPal users access to Visa's contactless payment points in retailers and shops across Europe, providing PayPal with access to in-store retail transactions. For Visa, the deal makes it easier for PayPal customers to pay with their Visa card online or in a mobile app.

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