PayPal and Coinstar: A Stellar Payment Relationship
Dan Schatt, Head of Financial Innovations at PayPal wants to let consumers know they are “thinking outside the phone”. It sounds kind of corny, but what he’s actually referring to is payment innovations beyond just what benefits smartphone users. Come on folks, only half of mobile subscribers even have a smartphone so it makes sense not to box yourself into the mobile payment movement just yet.
PayPal has been trying out a partnership with Coinstar in the Dallas, Texas area. I know it seems like an unlikely pair, but in reality it makes a lot of cents (sorry, my own corny humor). If you’ve ever used Coinstar to count your loose change you know that you can forego some of the fees involved if you transform your return into some variety of gift card. If I remember correctly some of the options include Starbucks and Amazon.Com.
Presently, if you live in the Dallas area, you can add your coins to your PayPal account or request funds from your account using the Coinstar kiosk. I think this is a fantastic idea, it brings together two unique services that are already innovative in their own right (Coinstar and PayPal). The downside is it can only happen in Dallas right now, but I’ll bet we can expect an expansion on that as 2012 unfolds. We will keep you updated.