MasterCard and PayPal have announced an extension of their partnership in the Asia-Pacific region to "enhance the consumer experience" and make MasterCard a clear payment option within PayPal, according to a press release.

The deal will expand PayPal's presence at the point of sale and enable Masterpass for Braintree merchants in the region, according to the release. Additionally, both companies will collaborate to create opportunities to leverage MasterCard's new payment flow technologies, providing "increased value to MasterCard cardholders, financial institutions and PayPal customers."

PayPal will also have the opportunity to give consumers and small businesses across the Asia-Pacific region the ability to cash out funds held in their PayPal accounts to a MasterCard debit card account.

"We're excited to extend our long standing partnership with MasterCard into Asia-Pacific," Rohan Mahadevan, the senior vice president of PayPal's APAC region, said in the release. "Our partnership will continue to drive innovation, accelerate the move to digital payments, and improve payment experiences for our mutual customers in the region, unlocking the potential to millions of customers to more freely spend and move their money."