Ober the next few weeks, PayPal will be introducing a number of new products, like debit cards, that specifically target consumers in the United States who do not have a bank account. PayPal is launching its new products in collaboration with leading American financial institutions as a means of helping a greater number of consumers access affordable and convenient financial services.
By making it possible for unbanked users to attach a debit card to their PayPal account, PayPal is providing alternatives to prepaid cards, check cashiers and payday lenders. As PayPal EVP and COO Bill Ready puts it: “we’re trying to bring more of those people into the digital economy."
The debit cards PayPal will be offering for unbanked consumers will provide certain advantages, including the elimination of monthly fees and minimum balances.