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Investing.com -- PayPal Holdings Inc (NASDAQ:PYPL)., the San Jose, California-based company, is set to introduce a new credit card, expanding its online credit product to physical stores. This move is part of PayPal’s strategy to increase its brand visibility through in-person transactions.
The new credit card will supplement PayPal’s existing financial products, which includes a debit card launched over two decades ago, and a separate credit card offering 3% cash back. Synchrony Financial (NYSE:SYF) will issue the new credit card, which will kick off with a six-month promotional period offering no-interest financing for qualifying travel purchases, such as flights and hotels, according to a company statement.
"PayPal Credit is one of our most popular products," said Scott Young, global head of consumer financial services at PayPal. He added that the new card will offer customers "more choice and flexibility wherever they shop." The physical card is expected to be distributed to US customers in the coming weeks, as stated by PayPal.
The credit card announcement is not the only recent development from PayPal. The company has also invested in key areas like stablecoin technology, partnered with competitors to extend its reach, and launched an advertising business.
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