PayPal is making a significant move in the UK market by launching its inaugural debit and credit cards, offering users 1% cashback on every purchase. This new initiative aims to compete directly with established players like American Express and Chase Bank.
Nearly 30 million PayPal customers in the UK will soon have access to the free PayPal+ loyalty program, designed to reward everyday spending both online and in-store. With no minimum spend required, users can start earning cashback and points immediately after signing up for the new cards.
Diego Scotti, General Manager of PayPal’s Consumer Group, shared enthusiasm about the launch: “This marks an exciting chapter for PayPal in the UK. We’ve listened to our customers and created a unified payment solution that is smarter and more rewarding, whether shopping online or at physical stores.
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“With PayPal+, loyalty is redefined. There are no fees where others charge, a new debit card offering ten times more points than before, and enhanced rewards through everyday spending, including Buy Now Pay Later options. We’re changing the way people experience value with every payment.”
Tamer El-Emary, General Manager of PayPal UK, emphasized the company’s dedication to British consumers: “We have invested deeply to support UK communities and businesses. By innovating with PayPal+, we bring the trusted convenience of PayPal online to the high street, making payments simpler, safer, and more rewarding.”
Under the new scheme, customers earn one point for every £10 spent generally, redeemable as £10 cashback once they reach 1,000 points. However, spending on the PayPal debit card accelerates rewards, with users earning ten points for every £10 spent.
This strategic launch establishes PayPal as a stronger contender in the UK’s payment and rewards landscape, offering users a seamless, rewarding way to pay every day.