According to news from Mobile Payments Today, PayPal’s mobile card product will be combined with ebizmart’s mobile app Magento. PayPal said when combined, the technology can help retailers synchronize online inventory with products in stores. Additionally, products, pricing, customer requests, orders, returns and coupons can all be managed in the store, thanks to Magento.
Making life easier for retailers isn’t the only thing PayPal is focused on these days. Earlier this month, The Wall Street Journal reported that the company is setting its sights on the unbanked, with an eye, too, on offering mainstream banking services. PayPal has been offering basic banking services to some of its consumers through the platform’s digital wallet. Among the services offered is insurance via the Federal Deposit Insurance Corporation for balances that scale up to limits set in place by the government and image capture for deposits. In addition, employers can directly deposit their wages into accounts, while debit cards can withdraw cash at ATMs.
According to the report, the options on offer from PayPal may “be a better option for consumers who tend to be overlooked by traditional banks. Those individuals tend to rely on check cashing and other conduits toward getting cash and conducting other financial activities.” The form is not charging monthly fees and also is not setting requirements for minimum balances. PayPal does not have a banking license, and thus some of the company’s functions depend on a “hodgepodge” of smaller banks to help offer services. The firm has deals in place with a Delaware bank to issue debit cards, as well as another agreement with a Georgia bank to deposit checks via photo and Utah-based banks for lending activities.