PayPal is launching debit cards and traditional banking services

PayPal is launching debit cards and traditional banking services

According to a report from The Wall Street Journal, PayPal is now rolling out a number of traditional banking features. The digital payment company is offering users debit cards that can be used to withdraw cash from ATMs, the ability to instantly deposit a check in their account via photos and the option to have their employers direct-deposit go directly to their PayPal account, among other things.

Over the past several months, PayPal has been testing these features, and has teamed up with small banks to make it all happen. A Delaware bank will issue debit cards for the company. Another bank out of Georgia will be in charge of depositing money to accounts of users who upload photos of their checks. Lastly, a bank out of Utah will provide money for personal and small business loans.

You might not be interested in these features if you’re already using a bank account, even if they don’t have a monthly fee 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 amount 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.”

Hamza Khalid

Hamza Khalid is the Lead Editor at The Jolt Journal. You're more than welcome to follow him on Twitter and follow The Jolt Journal on Twitter and Facebook. If you have any questions, concerns, or need to report something in this article, please send our team an email at [email protected]. This story may be updated at any time if new information surfaces.

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