PayPal Introduces the My Cash Card to Boost Online Spending

PayPal wants more cash-reliant customers to make purchases online. More specifically, it wants those customers to use its new PayPal My Cash Card to make said purchases. The PayPal My Cash Card, which is now being sold at over 30,000 retail stores in the United States, lets cash-only individuals buy products online by using a PayPal account.

The PayPal My Cash Card doesn’t function like a debit card. Customers can buy these cards with values between $20-$500 at retail. They then have to visit the PayPal My Cash website and input the pin number that’s located on the back of the card. Assuming the customer already has a PayPal account, the funds from the My Cash card will be added to their account. PayPal limits daily deposits of $500 a day and $4,000 a month.

From there, online purchases can be made from any website that accepts payments through PayPal. PayPal doesn’t charge any fees for the My Cash Card beyond the initial $3.95 activation fee.

Source [PayPal Blog]