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EcommerceBytes-NewsFlash, Number 3010 - February 27, 2013 - ISSN 1539-5065    5 of 5

Withdrawing Funds from PayPal in the Real World

By Ina Steiner
EcommerceBytes.com
February 27, 2013




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PayPal is getting top billing on some kiosks in a blurring of online and real world. The eBay payments unit announced the expanded testing of a new service with Coinstar, which places kiosks in real-world locations such as grocery stories so people can deposit their old-school payments - coins. As we reported last year, Dallas-area residents can deposit coins into the machine and add them right to their PayPal account.

Testing revealed that 40% of consumers who used the PayPal feature went back to use PayPal on a Coinstar kiosk an average of two times a month.

PayPal began testing with Coinstar in 2011 in Dallas, and this week said it is expanding the service to other locations in Texas as well as Northern California and Ohio, starting this month.

Consumers must have a PayPal account before they can access their PayPal accounts on the Coinstar kiosks - they can't register for one using the kiosks. But once they have an account, they can add coins and paper currency into the machines and can also withdraw funds from their PayPal accounts.

PayPal users can also send money to another PayPal account at select Coinstar kiosks. There are limits - users can withdraw up to $500/month from the kiosks (there's a daily limit of $200), and the minimum withdrawal is $8.

Convenience has its price, of course - there is a $3 fee for withdrawing funds, no matter the amount. And the fee for loading and sending funds using the kiosks is 9.8%.

You can find more information on the Coinstar website. The rollout will continue at select kiosks throughout the year.

About the author:

Ina Steiner is co-founder and Editor of EcommerceBytes and has been reporting on ecommerce since 1999. She's a widely cited authority on marketplace selling and is author of "Turn eBay Data Into Dollars" (McGraw-Hill 2006). Her blog was featured in the book, "Blogging Heroes" (Wiley 2008). Follow her on Twitter at @ecommercebytes and send news tips to ina@ecommercebytes.com.

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