PALO ALTO, Calif. - PayPal, the person-to-person online payments company, said that it will issue a cobranded MasterCard debit card through Bank One Corp.

PayPal, a private company, lets people and businesses send and receive money by e-mail, funded from bank accounts, credit cards, or PayPal accounts.

It offers a private account that is not FDIC insured as well as a money market account managed by Barclays Bank. These accounts have been available only since Nov. 1, so relatively few of the five million PayPal users have opened them, according to PayPal.

The company says it will market the MasterCard to all its frequent customers, but to get it they must opt to have their PayPal funds swept into a money market account.

The MasterCard will increase use of the PayPal network, the company said, since people who get the card will be able to spend money from their online accounts at any of the 19 million merchants that accept MasterCard. Holders of the PayPal MasterCard will also be able to access their accounts from MasterCard-supported automated teller machines.

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