PayPal and Coinstar have teamed up for a new pilot program. The companies will test a method for consumers to fund their PayPal accounts with cash and coins at select grocery stores through Coinstar kiosks.
According to a blog post by PayPal head of financial innovations, Dan Schatt, a pilot test began in the Dallas area last year, and has already achieved quick adoption and interest from PayPal and Coinstar users.
"The results have been impressive," Schatt wrote in the blog. "We’ve found that 40 percent of our testers go back to use PayPal at Coinstar machines again, and through survey research, we’re getting high marks from our users on the integration."
Users simply follow the prompts on a participating Coinstar machine, to either load funds into or withdraw them from their PayPal account. They can redeem a withdrawal voucher in store for cash. To access loaded funds later, customers simply log into their PayPal account online or from a mobile device.
For more on this topic, visit the multifunction ATMs research center.