Latest in Gear

Image credit: Prykhodov via Getty Images

PayPal to launch debit cards and traditional banking services

The digital payment giant's new features target the 'unbanked.'
488 Shares
Share
Tweet
Share
Save

Sponsored Links

Prykhodov via Getty Images

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.

This is far from the first time the company is offering its users physical cards they can use to withdraw money: there's the PayPal Cash card and the PayPal prepaid MasterCard linked to users' accounts. In fact, according to TechCrunch, the payment titan is offering these services to existing prepaid card holders. If its records say you load cash to your card from retail locations or use PayPal in a way someone with no bank account does, then you can expect to hear from the company sometime in the near future.

You probably won't be interested in these new features if you already have a bank account, after all, even if they don't have monthly fees or require a minimum balance. PayPal COO Bill Ready told WSJ and TechCrunch that the company is targeting the "unbanked," who tend to spend a considerable sum paying off interests and fees from lenders. "For folks who don't have bank accounts," he said, "for folks who don't have credit and debit cards, we want to give them something so they're not turning to prepaid cards, check cashiers and payday lenders."

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
Comment
Comments
Share
488 Shares
Share
Tweet
Share
Save

Popular on Engadget

Apple plans software fix for 16-inch MacBook Pro 'speaker popping'

Apple plans software fix for 16-inch MacBook Pro 'speaker popping'

View
Elon Musk wins defamation trial over ‘pedo’ remarks

Elon Musk wins defamation trial over ‘pedo’ remarks

View
‘Reno 911!’ is coming back as a Quibi exclusive

‘Reno 911!’ is coming back as a Quibi exclusive

View
Readers weigh in on what makes the OnePlus 7 Pro a worthy contender

Readers weigh in on what makes the OnePlus 7 Pro a worthy contender

View
Magic Leap reportedly only sold 6,000 AR headsets in six months

Magic Leap reportedly only sold 6,000 AR headsets in six months

View

From around the web

Page 1Page 1ear iconeye iconFill 23text filevr