PayPal, Green Dot Partner for Cash Loading to PayPal Accounts
Green Dot and PayPal have announced an agreement that will allow U.S. consumers to load money directly to their PayPal accounts using Green Dot’s MoneyPak. This will enable people to shop anywhere PayPal is accepted without the need for a bank account or credit card.
MoneyPak can be purchased with cash at a retail store, then the money can be loaded directly into a PayPal account and used to shop online anywhere PayPal is accepted, including eBay. MoneyPak is available at more than 40,000 stores nationwide, such as Walmart, CVS/pharmacy, Kmart, Rite Aid and Walgreens.
The new agreement provides a convenient option for customers who prefer to use cash when shopping. MoneyPak has been fully integrated into PayPal’s site, allowing money to be added directly, without needing to link to any personal financial accounts.
“This relationship is transformative,” said Steve Streit, founder and CEO of Green Dot Corporation. “It creates a cash-based solution for millions of people who want to use PayPal to shop online, but don't have a credit card or bank account.”
“Working with Green Dot, PayPal can now reach the large audience of people who prefer to fund their accounts with cash,” said Dickson Chu, vice president with PayPal. “We are thrilled to offer this new service to our customers.”
In addition to funding a PayPal account, MoneyPak enables people to reload prepaid cards, make cash payments, pay bills and fund other accounts. MoneyPak is powered by Green Dot’s industry-leading cash acceptance network, and costs $4.95 or less. For more details, visit http://www.moneypak.com.
Is there any attempt to identify the POS purchaser when loading their PayPal wallet? Is KYC a concern here?
Posted by: Albert Drouart | October 09, 2009 at 09:36 PM