Last year we announced
that we were testing a new service with Coinstar, the leader in
self-service coin-counting services, to enable consumers to fund their
PayPal accounts with cash and coins at select Coinstar kiosks. We’re
excited to share today that Coinstar and PayPal are expanding the
service beyond the successful initial test in Dallas.
Starting this month in Texas, Northern California and Ohio, consumers will be able to conveniently and securely add coins and paper currency into or withdraw funds from their PayPal accounts, as well as send money to another PayPal account at select Coinstar kiosks. The rollout will continue at select kiosks throughout the year.
During the initial test of the new service in Dallas we saw quick adoption and interest from consumers. Test results revealed that 40 percent of users who used the PayPal feature went back to use PayPal on a Coinstar kiosk an average of two times a month.
Now when you take your loose change or cash to a PayPal-enabled Coinstar kiosk you can be rest assured that you can use that money to shop at the millions of merchants nationwide that accept PayPal!
This is just another example of how we’re bringing the convenience and security of PayPal to consumers not just online but everywhere in today’s multi-channel shopping environment. From an instant purchase on a mobile phone, to in-store at such retailers as The Home Depot or Footlocker, to buying gas or paying for parking, we are committed to bringing PayPal anywhere that it can make consumers’ everyday lives more simple, flexible and secure.
You can find the closest PayPal-enabled Coinstar kiosk by going to www.coinstar.com/paypal. Try it out and tell us what you think!
–Dan Schatt, Head of Financial Innovations, PayPal
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