PayPal has announced the launch of its credit card in Australia, “The PayPal Rewards Credit Card”
PayPal is all set to launch it new credit card ‘PayPal Rewards Card’ in Australia by mid-July. This will be a zero fee card that will bear an interest rate of 20.99% on annual basis across the Visa global network.
Reward points are earned with every eligible purchase which can also be redeemed at more than 750,000 PayPal businesses which include the more than 300,000 in Australia only.
The new launch will be completely in contrast of the company trend, entering into a brick-and-mortar stores in addition to being the online payment platform. Data from the Reserve Bank of Australia (RBA) indicates the annual fall in goods being bought on credit by 29%. PayPal’s new launch will be in stark opposite of the credit card industry trend.
However, Andrew Toon, the general Manager of Payments at PayPal Australia expresses that there are huge demands for credit cards by our customers where they could make purchases via a physical payment method beside a digital payment medium. He further added that we are continuing to enhance the flexibility of choices for our customers and make the shopping experience worthwhile both online and in the physical world.
Based on customers’ demand, the reward points are very flexible and can be redeemed by customers, however they would like and at an eligible physical store. Mr. Toon further commented that the pandemic has played a critical role in the increasing demand for rewards points as Australians were left with rewards points unused due to travel restrictions.
PayPal users can track their spending and Reward points via the PayPal app which makes tracing more convenient. The Rewards card will appear in users’ online PayPal wallets immediately after approval and will be ready to use for online purchases while they are waiting for the physical cards to arrive at their doors. The Applications will be open this July 2021.
Additionally, PayPal is also set to release a Buy Now Pay Later offering to compete with AfterPay and ZipPay.
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