By Dan Ilett, 13 April 2006 15:35
NEWS
PayPal Europe is to launch its own MasterCard credit card in the UK.
The eBay-owned company, which has 10 million accounts subscribed to in the UK, is kicking off the service as it partners with finance company GE Money.
Geoff Iddison, CEO of PayPal Europe said in a statement: "Moving into other financial products is a natural development for the brand. The credit card is just the first of a range of new services that we have planned."
From this month 100,000 UK accounts will have the chance to apply for the card, which competes with a number of credit card firms offering with six months' zero-per cent interest on balance transfers. It will then be open to anyone in May.
PayPal already offers a credit card in the US, but in the same way as the UK, the service is seperate from the online transaction service.
Earlier this year, Iddison told silicon.com: "People also want access to their funds and will want to go to an ATM and pull money out. So there is going to be more presence offline over time."
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