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PayPal Is Going To Target Customers Without Debit Card Or Bank Account

By Amily Smith

PayPal is likely considering other services it could provide to keep itself at the top of people’s minds now that the eBay free bar has called last orders. The company, which was one of Elon Musk’s first significant successes before Tesla and SpaceX, is considering entering the traditional banking space with its own debit cards and a feature that would allow users to cash checks just like they did in the 1990s.

    This may seem like an odd new direction for a company that was founded to eliminate the hassle of online banking for small payments, but PayPal COO Bill Ready says the company is targeting the new services at the “unbanked,” who end up spending a lot of money on interest and lender fees. He told TechCrunch, “We’re trying to get more of those people into the digital economy.” We want to provide something for people without bank accounts, credit cards, or debit cards so they won’t turn to prepaid cards, check cashers, or payday lenders.

    This may seem like an odd new direction for a company that was founded to eliminate the hassle of online banking for small payments

    What makes a business that isn’t a bank able to provide banking services? PayPal is collaborating with a bank in Delaware to issue debit cards, and a bank in Georgia will handle cheque cashing. No, you don’t need to go to Georgia to get it; PayPal’s system reportedly allows users to upload a picture of their checks.

    There will be some costs associated, such as ATM fees for debit withdrawals from machines outside the PayPal MoneyPass network and a 1% fee for cashing checks. However, there won’t be any additional monthly fees or minimum balance requirements.

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    Conclusion

    It’s difficult to imagine people with bank accounts being persuaded to switch, but that’s not really the target market for PayPal. The unbanked are the target, according to Ready, and this isn’t just code for millennials. “ The gap isn’t necessarily generational, according to Ready. “Those without bank accounts cannot access conventional financial services. They now have access to the digital economy thanks to us.

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    Amily Smith
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