FinTech News
PayPal Rolls Out PayPal Everywhere Initiative, Updated Debit Card
PayPal is looking to expand its reach with a new initiative and a more rewarding debit card product.
About PayPal Everwhere and debit card:
While PayPal is best known as an online payment option, the platform is giving consumers more reason to use it in-store as well. This includes debuting an updated debit card with enhanced cashback rewards.
Now, PayPal customers can use their PayPal debit card to earn 5% cashback on purchases in their choice of one of these five categories:
- Health & Beauty
- Restaurant
- Grocery
- Gas
- Clothing
This 5% earning rate is capped at $1,000 in eligible category spending per month. Once a category selection is made, it will be locked in for the month. However, customers can select a different category the following month if they so choose. Earned cashback can then be redeemed for PayPal deposits, transferred to an external bank account, used toward PayPal Checkout purchases, or donated.
Also notable is that this 5% cashback is stackable with various brand offers found in the PayPal app. For example, a customer who selects the Restaurant debit card category could earn 5% back from a Domino’s offer in addition to the 5% back from their debit card.
As part of the PayPal Everywhere initiative, the company is also working with Apple to make adding a digital PayPal debit card to Apple Pay seamless. When PayPal customers open a debit card account, they’ll be able to add it to Wallet with just a couple of taps. Then, they can pay with the card anywhere Apple Pay and Mastercard are accepted.
To promote this updated offering, PayPal has launched a new ad campaign — which the company says is its largest ever in the U.S. market. A new spot starring Will Ferrell and a parody of the Fleetwood Mac hit “Everywhere” debuted during Monday Night Football this week.
What they’re saying:
Announcing the new initiative, PayPal president and CEO Alex Chriss said, “We know that consumers are looking for smart, simple and safe ways to make their everyday purchases while also getting more value out of every transaction. That’s why millions of customers can now enjoy the trust and convenience they love about PayPal everywhere – both in-store and online, with access to rich rewards that put more money back in their pockets.”
Chriss continued, “It’s a pivotal moment for PayPal and its customers and a significant first step as we bring the power of PayPal to everywhere they shop.”
My thoughts:
PayPal having a debit card isn’t exactly new — but the 5% cashback feature is. That’s why I’m excited to check out the updated offering. Actually, I’ve already set up my new card and started exploring the app’s stackable offers. In other words, stay tuned for a full review of the card in the near future.
