InComm, a prepaid card distributor, announced that it is selling PayPal account loading cards in its card malls. The move is significant because it provides customers a way to fund a PayPal account using cash.
From InComm’s press release:
Available in fixed amounts of $50 and $100, as well as variable denominations from $20 to $500, the PayPal My Cash Card is designed to allow consumers to easily convert cash into secure online funds that are quickly accessible through their PayPal accounts. After purchasing a PayPal My Cash card, which are available today at more than 30,000 retail locations across the U.S., a user can simply log into the PayPal My Cash Card website and load the funds directly to their PayPal account using the PIN number on the back of their My Cash Card. If they do not have a PayPal account, they will have the option to simply create one.
The card would appeal to people who want to shop online but who don’t want to use a credit or debit card because they want to protect their information or because they want to have a way to budget for a specific purpose. The increasing fluidity between cash and digital currency may mean that traditional financial institutions will face more competition in winning customers.
Click here to read InComm’s press release.