PayPal launch pre-paid cards product in the US
PayPal has launched a pre-paid card that can be used to fund a PayPal account. It had been developed with those who prefer to pay in cash or don’t have a bank account (the ‘underbanked’) in mind so that they can make purchases online. The product has a new homepage here at paypal-cash.com.
Called the PayPal My Cash Card, it’s fairly straightforward to use. You simply buy a new card at anyone of 30k outlets in the US with cash and then use it to charge up a new or existing PayPal account with funds. PayPal charges a one-off $3.95 activation fee when you start using the card.
This is quite a nifty product that I can see having a wider appeal than at first meets the eye and I do hope we might see something similar over here in the UK. It will be of interest to those who don’t have a bank account at all and those who do bank but don’t have the relevant card associated with it. It also appeals to the wary. It’s a safe way to use PayPal and shopm online for people who are petrified of sharing their banking details. It could also be quite a nifty gift idea.