PayPal Bank Partnerships Allow It to Offer Banking Features

Bank of PayPal, anybody? Well, according to a report by the Wall Street Journal, the payments company has been reaching out to certain customers to add certain banking features PayPal is offering.

Through the PayPal digital wallet, the payments platform is offering Federal Deposit Insurance Corp. insurance for balances, a debit card for cash withdrawals at ATMs as well as the option to direct-deposit their paychecks, according to the WSJ article.

It is unclear, if PayPal is targeting specific customers, but the San Jose, Calif.-based company has been sending these emails over the past two months.

Interestingly, PayPal does not have a banking license. According to the article, it has been working with different banks in order to offer the features, which ties in nicely with Frank Rotman’s recent post on the revolution that is sweeping banking — or needs to sweep banking.

Read more on Wall Street Journal (behind paywall) and Fortune.

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