PayPal Introduces Mastercard Payment SolutionBy: Shawn Hess - June 28, 2012
If you’re a frequent user PayPal, you’ll be happy to see that they’re making the prepaid Mastercard available at 7-Eleven stores, and other chains owned by 7-Eleven.
With 110 million customers and counting, PayPal wants to entice customers to start using their accounts offline. Some advantages they’ve added to using the prepaid cards include free text message account updates, direct deposit from your online PayPal account, and cash withdrawal at ATMs. In fact, through partnerships with Walgreens and Safeway, you can add funds from store locations.
This is just one move in a long list of partnerships and promotions PayPal has been putting together. Increasing competition in the payments arena really has them stepping up their game.
At the end of May, they announced new partnerships with companies like Abercrombie & Fitch, Advance Auto Parts, Aéropostale, American Eagle Outfitters, Barnes & Noble, Foot Locker, Guitar Center, Jamba Juice, JC Penney, Jos. A. Bank Clothiers, Nine West, Office Depot, Rooms To Go, Tiger Direct and Toys “R” Us to bring offline PayPal options to retail consumers.
They’re are also trying out a program in Texas where shoppers can request money from PayPal using the Coinstar kiosk or have the balance of their coins added to their account balance. Sounds unconventional for sure, but it definitely shows they’re willing to work different angles.
Most recently, they announced a partnership with Comcast Cable and TiVo, where they’re working to bring a payment solution to conventional television sets which could be accessed through a TV remote control. That’s definitely new, and different.
So, PayPal isn’t putting all their eggs in one basket and with all these irons in the fire, their gaining new customers based on a variety of attractions. In the meantime, mobile payment solutions like Square continue to expand to more and more retail locations and grow in popularity. Hopefully PayPal can keep up.