PayPal To Offer More Traditional Banking Services

PayPal, an American global online payment system, is planning to improve its services by venturing into traditional banking. The traditional banking will be made possible through partnership with small-scale banks. The partnership is expected to offer customers debit cards connected to their PayPal accounts, direct deposit for paychecks and additional services.

There will be minimal fees attached to the usage of PayPal‘s banking services. Aside being charged for using the ATM for withdrawals on non-PayPal accounts, and I% charge on any deposited check from a smartphone, there will not be any monthly charges.

The new service is expected to be rolled out to some US customers. The Chief Operating Officer at PayPal, Bill Ready, emphasized the service is targeted to people with no access to traditional banking services.