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EcommerceBytes-NewsFlash, Number 2958 - December 17, 2012 - ISSN 1539-5065    5 of 6

PayPal Provides New Funding Source with Branded PrePaid Card

By Ina Steiner
December 17, 2012

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PayPal is making it easier for shoppers to load their PayPal accounts with cash thanks to a new partnership with InComm, a provider of prepaid products. The PayPal My Cash Card is the eBay unit's first fully branded cash-loading token and lets people use a pre-paid card that can be purchased at retail stores. However, it costs $3.95 to activate when purchased.

"This is just one more way that we are giving consumers another great way to make purchases, spend money or give gifts - particularly this holiday season," according to a post on the PayPal blog announcing the new card. Users can purchase a card loaded with between $20 - $500 and must activate the card at the register. They can then add up to $500 per day to their PayPal account, up to $4,000 a month.

After purchasing a PayPal My Cash card at a retail store, users log into the PayPal My Cash Card website and load the funds directly to their PayPal account using the PIN number on the back of their My Cash Card. If they do not have a PayPal account, they will have the option to create one.

Note that before using a My Cash Card to add money to their PayPal accounts, users must provide their legal name, address, date of birth and Social Security number in order to confirm their identity. PayPal uses a national database to obtain a positive match of legal name, address, date of birth, and Social Security number - if it is unable to verify a user's personal information, it will ask the user to provide additional proof of identity via the PayPal Resolution Center.

The PayPal My Cash Cards are available at more than 30,000 retail locations across the U.S., including CVS Pharmacy, Rite Aid Pharmacy, Fred's Super Dollar, Family Dollar, and over 10,000 Dollar General stores.

"Many of our 117 million users have told us that they love using their PayPal accounts online, with mobile devices and in store locations, but are looking for additional options to keep it funded," according to PayPal. More information is available on the PayPal blog.

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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