The PayPal Rewards card, which will launch in mid-July, will have zero annual fees and will be accepted across the Visa global network.
Andrew Toon, general manager of payments at PayPal Australia, commented there had been calls for a physical payment method from consumers who used the digital payment provider.
“Our customers have been telling us they want to take PayPal with them into physical stores for some time,” Mr Toon said.
“This is just one of the ways we are continuing to enhance the choice and flexibility we offer our customers for how they prefer to pay.”
The card will also have uncapped rewards points, marketed as allowing customers to redeem points however they like. PayPal reported users could potentially apply points to purchases, to offset the cost.
Customers will be able to redeem points across eligible brick-and-mortar stores, in addition to when shopping online and then track their progress on the PayPal app.
Mr Toon commented the pandemic had boosted demand for flexible rewards, with many travel-related points rendered useless.
“Consumers have said they want a flexible rewards program with points they can redeem however they’d like,” he said.
[Related: Symple Loans launches Qantas points offer]
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Sarah Simpkins is the news editor across Mortgage Business and The Adviser.
Previously, she reported on banking, financial services and wealth for InvestorDaily and ifa.