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EcommerceBytes-NewsFlash, Number 2806 - May 17, 2012 - ISSN 1539-5065    1 of 4

Shoppers Can Fund PayPal Accounts with Cash at Coinstar Kiosks

By Ina Steiner
May 17, 2012

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Think Coinstar is a company that simply lets people turn their coins into bills at grocery store kiosks? Think again. The company has been innovating for years, and now users can fund their PayPal accounts with cash at Coinstar kiosks in a pilot program in Texas. Users can also withdraw PayPal funds in cash at participating kiosks.

The pilot test began in the Dallas metropolitan area last year, and PayPal said it has already seen quick adoption and interest from both PayPal and Coinstar users. "We've found that 40 percent of our testers go back to use PayPal at Coinstar machines again and through survey research, we're getting high marks from our users on the integration," wrote Dan Schatt, Head of Financial Innovations at PayPal.

The test is running at participating grocery stores, including Albertsons, Brookshire's, Super 1, Ole Foods, and Minyard Food Stores, in the Dallas area.

Coinstar has long had a coin to card program in which users can receive ecertificates or gift cards at marketplaces including Amazon.com and Overstock.com as well as retailers, restaurants, movie theaters and grocery stores. Where Coinstar charges a fee for its coin counting service (9.8 cents per dollar in the U.S. and 11.9 cents per dollar counted in Canada, users who opt for the gift cards pay no fees. The company also has a Coins that Count charity program.

PayPal is trying to extend its reach online and offline and has launched its Point of Sale technology at The Home Depot stores nationwide. It is expected to announce next week additional brick-and-mortar retailers who are adopting the POS system.

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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