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PayPal to launch debit cards and traditional banking services
PayPal is apparently rolling out a number of traditional banking features, according to a report from The Wall Street Journal. The digital payment giant is offering users debit cards they can use to withdraw from ATMs, the ability to instantly deposit a check to their account by taking a photo of it and the option to have their employers direct-deposit their earnings to their account, among other products. PayPal, which has been testing those offerings over the past months, has teamed up with small banks to make all those possible. A Delaware bank will issue debit cards for the company, another bank in Georgia is in charge of depositing money to accounts of users who upload photos of their checks, while a bank in Utah will provide money for personal and small business loans.
BitInstant founder says BitCoin debit card to launch within next two months
A BitCoin debit card could be in your very near future thanks to the efforts of trader-backed BitInstant. That fund transfer outfit, dedicated solely to the digital currency, has partnered with an undisclosed international bank to launch a branded debit card within six to eight weeks. News of the development first surfaced yesterday during an online chat with company co-founder, Charlie Shrem, in which he confirmed the cards would cost users $10 apiece to purchase and carry a 1% bitcoin transfer fee, as well as $1.50 ATM withdrawal fee. To further streamline the exchange process, users will be able to make quick transfers under $1000 by scanning a QR code overlay on front or by accessing the personal BitCoin address listed on back -- all possible with a single confirmation. Initially, the cards will be denominated solely for USD, GBP and EUR, but more foreign currencies could soon be added in the lead up to its official debut. For now, those are the only bits Shrem was willing to share, as further details on this plastic alternative will be forthcoming prior to official launch. Until then, there's always AMEX.
PayPal's Digital Wallet lets you decide how you empty yours (video)
PayPal has been helping us pay for those impulse purchases for a long time, but now its forthcoming Digital Wallet could see it popping up on our bank statements a whole lot more. Speaking with eBay Ink, PayPal's Sam Shrauger gave a quick demo of some of the new features. As well as the regular payment handling, you'll be able to register gift vouchers, coupons, loyalty points and store credit cards all under one account. This sounds tidy, but more interesting is the ability to change how you pay for something (say, from credit to debit card) up to seven days after the fact. If you want to keep those big purchases on the Amex, that's no problem either, with configurable rules letting you assign different cards to different spending situations, including setting your own custom payment plans. It's not all about buying either, with savings also getting the digital treatment, that's if you haven't doled it all out on gadget rarities. The service is expected to land in May, in the meantime see the new features via the videos after the break.
PayPal Facebook app lets you send money and greetings to friends, only takes 2.9-percent cut of your 'free' e-card
Well, this certainly seems like a no-brainer for PayPal. The company just launched a Facebook app that lets you send money to anyone on your friends list, with the usual list of terms and conditions in tow. After logging into Facebook and authorizing the app, you'll be able to use PayPal to transfer funds to individuals that you're connected with (who also have PayPal accounts, of course), adding a layer of security to the notoriously fraud-laden online payment service. Payments are free to send and receive, but only if they're funded using a bank account with both parties in the U.S. Want to use a credit or debit card instead? PayPal will collect 2.9 percent (either from the sender or recipient), with a 30-cent processing fee to boot. And if you're sending funds abroad, fees range from 0.5 to 3.9 percent, depending on a variety of factors. A rather comprehensive collection of e-cards helps soften the blow if a fee applies, and includes selections for just about every occasion. Fourth of July coming up? Let's top up that fireworks fund. So dig up those account and routing numbers and get ready to stick some virtual cash in a virtual card -- just one week 'til Thanksgiving!
Netswipe turns your webcam into a credit card reader, brings POS payments to the desktop
Credit card fraud costs the banking industry billions of dollars every year, and with companies yet to find an entirely secure system for processing payments online, there's no end in sight for unauthorized transactions. Jumio hopes to bring both security and convenience to the world of online payments, however, with its webcam-based Netswipe secure card reader solution. The system replicates the point of sale (POS) transactions you experience when making in-store purchases, prompting cardholders to scan the front on their credit card, then enter their CVV code using a tamperproof mouse-controlled interface. We're not sure how the software is able to distinguish a physical credit card from, say, a photocopy of a card, but it certainly sounds more secure than the standard input form we use today. It also reduces card number theft from insecure forms and website spoofing, by verifying details through a live video stream. Jump past the break for the full press release, along with video overviews of Netswipe and Jumio, which recently secured $6.5 million in initial funding and is backed by Facebook co-founder Eduardo Saverin.
