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PayPal Renaming Its Bank-Like Account Offering

PayPal Cash Plus accounts — the company’s offering most like that of a traditional bank or credit union checking account — will soon be rebranded as PayPal Balance accounts, PayPal recently told customers.

The name change will be automatic, a PayPal notice states, and features of the account won’t change.

PayPal lists features of the soon-to-be-called PayPal Balance accounts as including the ability to accept direct deposit of paychecks; deposit checks by scanning them with the PayPal app; and get a PayPal Cash Card, which operates as a standard debit card. In addition, the firm tells users they can “keep money in your balance to easily spend, send or hold for future purchases” and also “buy, sell or hold cryptocurrencies.”

The accounts, regardless of name, work alongside other PayPal services that include sending or receiving money and setting up what PayPal calls “money pools.”

The rebranding of the PayPal account that works like a bank account comes less than a week after PayPal tweaked its credit card-like buy now, pay later (BNPL) offerings around the world. The company announced it would drop late fees for customers who use the service, which is known by names including Pay in 4 in the United States, Pay in 3 in the United Kingdom, and Pay in 4X in France.

Also read: PayPal To Drop BNPL Late Fees

PayPal introduced its PayPal Credit Card back in August 2017 through a partnership with Synchrony Financial. In an interview with PYMNTS at the time, the company’s then-director of credit card rograms said the move was part of the company’s efforts to be a conduit for financial transactions online and in stores.

Further reading: What’s In Your Wallet? A PayPal Credit Card

According to PayPal, the company had 403 million consumer and merchant accounts as of July 2021 conducting an average of 35,867 payment transactions per minute. San Jose, California-based PayPal reports having 27,700 employees globally.

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