PayPal Will Offer Debit Cards For Users Without A Bank
PayPal is working with smaller banks to create a debit card for users who lack a traditional bank account, which lets them avoid some of the regular hassles and fees
Banks have changed dramatically in the last few years thanks to the advent of digital tools. Payment service PayPal is looking to expand further outside of the realm of traditional banking by offering users debit cards attached to their PayPal accounts, with no outside bank account required. These debit cards do rely on smaller banks to help with certain services, like issuing the cards and cashing checks through photos, but they will also lack the monthly fees and minimum balances that many banks require.
The service is designed for those who don’t have regular bank accounts, and will launch in the first half of 2018. “We’re trying to bring more of those people into the digital economy,” Bill Ready, EVP and COO at PayPal, told TechCrunch. “For folks who don’t have bank accounts, for folks who don’t have credit and debit cards, we want to give them something so they’re not turning to prepaid cards, check cashiers and payday lenders.”