PayPal is a company known by many to be an online payments facilitator, where users can go through PayPal’s service to make payments for purchases online, such as through eBay and other websites. This is because PayPal has protection services that help protect buyers and sellers from scams.
However it seems that PayPal might be branching out into other financial services, such as banking because in a report from The Wall Street Journal (via 9to5Mac), the company has rolled out banking services to some of their customers. This includes debit cards, the ability to deposit checks, and even take out a loan.
The report claims that PayPal has actually partnered with a number of licensed banks to provide these services, although the identity of those banks remains unknown for now. PayPal has yet to confirm the report and the services, but if true we can probably expect an announcement in the near future.
This should be an interesting direction for the company especially when you consider that platforms such as eBay are planning on replacing PayPal with a different company as its main payments processor. PayPal is also not the first non-banking company to offer such services. Over in China messenger app WeChat has evolved to be more than just a messaging app, where users can take out personal loans or even purchase property.
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