PayPal has announced the launch of its ‘pre-paid cash card’ that consumers can buy in-store and use to top up their accounts for online purchases. The PayPal My Cash Card has been developed with pre-paid specialist InComm for Americans who don’t have bank accounts or cards, or do not want to use them online.
The card will be available in more than 30,000 retail locations and will act as a token that users exchange for between USD20 and USD500 in cash at the point-of-sale. Users can then load funds directly to their account for online purchases by entering the Token code at PayPal My Cash card sites.
Patrick Gauthier, head of product strategy at PayPal, says: “The PayPal My Cash Card is perfect for consumers who prefer to use cash – but want flexibility to spend their money however they want to spend it.”
In another big deal for the global payments industry this week, credit card firm Visa has inked a partnership with digital payments processor PayPal.
The five fintech startups joining credit card company’s Capital One’s new fintech accelerator in Nottingham have been named, including Credit Kudos, Multisense, Pariti, Warwick Analytics and WealRo.
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