The PayPal prepaid card stands out from a number of prepaid cards for the fact that it seamlessly integrates online commerce with the real world. PayPal prepaid cards, when connected to a PayPal account, allow users to earn, deposit or spend money online and in the real world, all from the same account. And now, customers can purchase and reload the cards while they’re buying taquitos and Slurpees. 7-Eleven, America’s premier convenience retail chain, will be adding PayPal’s NetSpend prepaid cards to its prepaid racks this year.
7-Eleven will be the first nationwide retailer to offer the card. The convenience store giant has been in a distribution partnership with NetSpend, a leading issuer of reloadable prepaid cards, since January.
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“We are expanding our current offering of alternative financial services because we w see an increased demand for this type of product in our stores,” said Jesus Delgado-Jenkins, EVP of merchandizing, marketing and logistics at 7-Eleven, in prepared remarks.
The chain prides itself on its data systems, which allow it to respond quickly and effectively to consumer trends both nationally and locally. And with its near-ubiquitous retail footprint, the chain is working with a number of alternative financial service providers to use its locations as a hub for services. Its relationship with PayNearMe, for example, allows residents of one California town to pay their utility bills at 7-Eleven, if they don’t have a bank account to write checks from.
The PayPal card will be available at 5,500 stores nationwide, at both franchise-owned and corporate-owned stores.
The PayPal prepaid card is most useful when connected to a PayPal account. Customers with PayPal accounts may link it to their card account and fund it that way, or they may fund the card at NetSpend reloading locations — 7-Eleven, for example — or with bank transfers and direct deposits. The card has a connected online savings account that users can opt in to that offers a highly-competitive 5 percent APY.
The card comes with a $4.95 monthly fee, and it charges customers $1.95 for all domestic ATM withdrawals. It has online bill-pay capabilities, including recurring scheduled payments, and an online merchant-based rewards program. In all, the card offers something like a full suite of banking services for those without a relationship with a bank.
NetSpend provides these services in partnership with The Bancorp Bank. The NetSpend PayPal card can be used wherever MasterCard is accepted.
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