To cater to the “under-banked” or people who still prefer to use cash instead of cheques, debit and credit cards, PayPal has launched a pre-paid card this past Thursday by the name of PayPal My Cash Card. This latest product from PayPal will enable users to make purchases using PayPa’sl service without getting involved in the complex practice of using bank transfers, credit or debit cards.
This was not the first time that someone has tried to encourage the cash-preferred customers, as famed global retailer Wal-Mart one of the top introduced a special “pay with cash” feature on its website to cater such folks.
The PayPal My Cash Card will be available for sale at numerous American discount stores and pharmacies like Rite Aid, CVS, Fred’s, Family Dollar, Dollar General and coming to others very soon as well. All in all, this new pre-paid card from PayPal will be offered at 30,000 different locations from December 13, 2012 across the United States of which 10,000 are Dollar Generals.
Later in 2013 the company will make these cards available for sale at 60,000 retailers in the country. The PayPal is offering My Cash Card in fixed amounts such as $20, $50, $100 and so forth. The reason behind launching these cards in fixed amounts was to allow consumers to load funds as per their requirement. This amount can be loaded straight into the account of a PayPal user by simply entering the PIN number given at the back of this card after logging into the website of PayPal My Cash Card.
Those, who do not have an account on PayPal, can easily create one right away and then can load funds in their account after which they will be able to make purchases from any online merchant that supports PayPal. However, upon activating this card activation fee of $3.95 will be deducted and users cannot load more than $500 in their accounts during a day. Similarly the limit for max up load during a month is $4,000.
Aside from this in order to use this prepaid card users need to provide their details like name, date of birth, social security number and address because PayPal will utilize this key information to verify the identity of its users. Users, who for any reason do not possess this information, should make contact with the Resolution Centre of PayPal in order to give further proof of their identity. There is no indication yet as to whether these pre-paid cards will make their way to Canada, but the concept and execution make PayPal a player to watch.
Source: TechCrunch
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