PayPal and Mastercard signed a deal Tuesday that aims to make it easier for PayPal users to pay with a Mastercard.
The announcement comes after PayPal Holdings Inc. signed a similar deal with credit card issuer Visa Inc. in July.
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Mastercard will be more prominently featured on PayPal's app and website and its other payment service, Venmo. It will also allow PayPal users to select a Mastercard as a default payment option.
Under the new deal, PayPal and Venmo users will also be able to transfer money to their Mastercard debit cards instantly. Previously, it would take a couple of days for the funds to be available in bank accounts.
The changes are expected to be made in the first half of 2017.