PayPal has partnered with MoneyGram to better serve the low and moderate income markets that tend to be very cash-based:
“The new service supports an essential need for PayPal’s U.S. customers – particularly those who do not have a bank account or credit card – to fund and maintain a PayPal account, as well as withdraw cash and send money to friends and family.”
Note that this cash-based service requires Internet access to use, since the process is performed on a new web site:
A newly launched, co-branded website – www.paypal.moneygram.com – provides simple step-by-step instructions for loading and sending funds to a PayPal account at select MoneyGram locations. Consumers also can use the site to initiate a cash withdrawal from their PayPal account. The funds will be available for pick-up at a MoneyGram location, often in as little as 10 minutes.
“This new service will provide an even greater level of flexibility, convenience and value to existing PayPal users,” said Mark Lavelle, senior vice president of strategy and business development at PayPal.
Click here to read more the press release.