PayPal Debuts Prepaid Cash Cards

The cards let users transfer cash to their online accounts


PayPalPromo PayPal Debuts Prepaid Cash CardsOnline shoppers who like to use eBay’s (NASDAQ:EBAY) PayPal service, but don’t want to transfer money from their bank accounts now have a new funding option.

PayPal has unveiled prepaid cash-loading cards that permit users to purchase cards noted at specific dollar amounts at various retailers and then transfer the cash value of the cards to their PayPal accounts, TechCrunch notes.

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Starting on Monday, PayPal My Cash Cards will be sold at 30,000 retail outlets nationwide. Retailers including Dollar General (NYSE:DG), Family Dollar (NYSE:FDO), CVS (NYSE:CVS) and Rite Aid (NYSE:RAD) will carry the cards, which carry cash values of $20. $50, $100 and even higher amounts.

After purchasing the cards, users log into PayPal’s website and transfer the cash value of the cards to their accounts through PIN numbers located on the cards. The money can be used at any online retailer that accepts PayPal.

The company says it hopes to have the cash cards available for sale at 60,000 retail locations next year.

Last month, PayPal announced a price-matching service that it will reimburse users of its service who pay up to $250 for an item, but later locate it at a lower price.

Shares of eBay rose about 1% in Monday morning trading.

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