PayPal and Coinstar are testing a secure way for consumers to fund their PayPal accounts with cash and coins at select grocery stores through Coinstar kiosks. A pilot test began in the Dallas metropolitan area last year, and has already seen quick adoption and interest from both PayPal and Coinstar users, according to a blog by Dan Schatt, head of financial innovations at PayPal.
"The results have been impressive. We've found that 40 percent of our testers go back to use PayPal at Coinstar machines again and through survey research, we're getting high marks from our users on the integration," he wrote
At the Coinstar machine, users follow the prompts to either load funds into or withdraw funds from their PayPal accounts. To receive cash, they redeem withdrawal vouchers in store. To access newly-loaded funds at a later time, they must login to their PayPal accounts at home or from their mobile devices.
"It's really that easy," Schatt said.
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