PayPal has launched its first Business Debit Mastercard in Ireland, which offers business customers instant access to their available PayPal funds or PayPal balance for online and in-store business purchases. 

As part of the new service, PayPal is also offering unlimited cashback for Irish business account holders. 

As well as Ireland, the PayPal Business Debit Mastercard is also available in Austria, France, Italy and Spain from today. This is in addition to its existing availability in Germany, the UK and the US.

PayPal's Business Debit Mastercard has no monthly fees and offers uncapped 0.5% cash back on every euro spent.

The amount will be automatically credited to the user's PayPal business account at the start of the following month.

Cash can also be withdrawn from ATMs with a fixed fee of €2 per transaction worldwide

PayPal noted that Covid-19 has transformed the world of commerce, spurring a widespread push towards digital transactions and contactless payments.

It said its new business offering will help to support local merchants and businesses as they look for more ways to pay, both in Ireland and abroad.

Maeve Dorman, VP Merchant Operations at PayPal EMEA, said today was a significant milestone for PayPal in Ireland.

"The PayPal Business Debit Mastercard provides our business customers with a fast and easy way to use their PayPal funds, both online and in-person, throughout the world. It's the latest example of how we are supporting Irish businesses and helping them to seamlessly manage and move their money," Ms Dorman said.

She also said that PayPal fully understand the challenges that Irish businesses are facing since the onset of Covid-19. 

"We believe that this new service is now more relevant than ever and will support organisations as they look to adjust and thrive in the new way of doing business," she added.