The service may appeal widely to unbanked customers – that is, individuals who may not belong to a particular financial institution but would still like to add cash into digital accounts. This tool is currently accessible for United States accounts only. Consumers must visit the mobile wallet and press the “Add To” button to instantly add funds to any transactions being made via smartphones.
Paypal cash update#
Quick reloading PayPal’s latest app update includes the PayPal Cash feature, which allows users to add cash to their current balances at any CVS or Rite Aid store. “It would appear to be a way for consumers to add value to a PayPal account independent of other payment alternatives like a DDA or a credit card.” “PayPal is broadening its offering to increase usage across demographics and it appears that this is its attempt to reach the under- un-banked segment,” said Thad Peterson, senior analyst at Aite Group, Atlanta. This will enable the payments platform to strengthen its presence in the bricks-and-mortar retail industry, which could give it an advantage over its digital-only competitors.
PayPal is tightening its integration with bricks-and-mortar retailers CVS and Rite Aid by expanding a two-year-old cash loading service to the PayPal application for the iPhone.Ĭonsumers seeking to replenish money in their PayPal accounts may now visit CVS and Rite Aid pharmacy locations, where they can pull up the PayPal mobile app and add physical funds without needing to visit an ATM or banking institution.
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