Here’s How PayPal Is Extending eBay’s Reach
Though the likes of eBay and eBay’s (NASDAQ:EBAY) PayPal were key in the paradigm shift from shopping in brick-and-mortar stores to online shopping, recent developments between PayPal and retailers have shown that the company doesn’t disregard traditional shopping.
While at first PayPal may have been a simple tool for online transactions between complete strangers, now it is functioning more along the lines of a bank, with stored money, withdrawals, and deposits. PayPal has even been bridging the gap between online and offline, with a new system that allows in-store payment from PayPal accounts to participating retailers in a way very similar to debit cards.
Though the new system is not yet widespread, it is growing. After PayPal announced Monday that seven more retailers are using the payment technology, the number of participating retailers has reached twenty-three, with about 18,000 brick-and-mortar stores throughout the U.S. now accepting PayPal payments. The store variety ranges from Foot Locker (NYSE:FL) and Abercrombie & Fitch (NYSE:ANF), to Guitar Center, to Toy “R” Us, to Spartan Stores (NASDAQ:SPTN) and Dollar General (NYSE:DG), and PayPal’s Don Kinsborough says it has even expanded to include gas stations…