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PayPal moves deeper into e-commerce through new deal with First Data's STAR network
October 12, 2009
Digital Transactions reports that PayPal Inc. has introduced new funding options that will allow PayPal users to load money into their PayPal accounts with PIN debit cards or with cash and then use those funds to buy products online.
PayPal's deal with First Data Corp., announced last week, will let STAR-member financial institutions offer a PIN debit funding option to their customers. The arrangement is the first announced deal in a new program at PayPal called Debit Access.
The deal with STAR follows PayPal's announcement that would allow PayPal users to fund their accounts with cash they deposit in the MoneyPak product from Green Dot Corp., a Monrovia, Calif.-based prepaid card network that works with big-name retailers such as Wal-Mart Stores Inc. and Walgreen Co.
Member banks that sign up for Debit Access will receive interchange, according to a separate schedule of rates that differ from those STAR levies on other transactions, Digital Transactions reports.
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