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AUSTIN, Texas -- 7-Eleven stores will now offer the PayPal Prepaid MasterCard at participating franchised and company-operated stores nationwide. Its addition is part of the retail expansion plans of NetSpend Holdings Inc., a provider of general-purpose reloadable prepaid debit cards and related financial services.
"Because of our current partnership with 7-Eleven, the convenience store company will be the first major retailer to offer the PayPal prepaid card to consumers throughout the U.S.," said NetSpend CEO Dan Henry.
The PayPal Prepaid MasterCard is available now and will be sold at approximately 5,500 upon full rollout this year. Customers can also reload cash on their PayPal prepaid cards at these 7-Eleven locations.
"We are expanding our current offering of alternative financial services because we see an increased demand for this type of product in our stores," said Jesus Delgado-Jenkins, 7-Eleven's executive vice president for merchandising, marketing and logistics. "Our customers are seeking choice and convenience when it comes to buying a prepaid card. We are selling the PayPal prepaid card because the brand already resonates with many consumers who want more financial flexibility and alternatives to traditional retail banking."
The card can be used for both online and in-store purchases wherever Debit MasterCard is accepted. It can also be used to withdraw cash from ATMs, and money can be loaded onto the card through direct deposit or at more than 130,000 reload locations in the U.S.
To provide full access to the card's online functionality and features, including online Payback Rewards, an optional savings account, real-time account alerts via text message and online budgeting tools, it must be linked to a customer's PayPal account.
"We're thrilled to bring the PayPal prepaid card to a nationally recognized retailer like 7-Eleven, giving our customers more flexibility and control over their money," said Don Kingsborough, vice president and general manager of retail and prepaid at PayPal. "7-Eleven is just the beginning for the PayPal prepaid card -- we are excited to roll it out to additional brick-and-mortar retailers this year."