BALTIMORE — PayPal, NCR and $1.7 billion Technology Credit Union joined together at the 2012 NACHA conference to announce an innovative ATM that offers users a new option: With a very few clicks on the ATM screen they can use PayPal to send money to just about any U.S. mobile phone number, and at least some international numbers are on the way, said David Green, a marketing manager at Tech CU.
Steve Nogalo, an NCR vice president, said that the ATM requires a software-only upgrade, that is, purchase of new hardware is not required to implement this. He added that in the U.S. financial institutions have not used ATMs to drive new revenues and, in NCR's mind, this service may be a way to do that.
San Jose, Calif.-based Tech CU – which has announced its intent to pursue conversion to a bank – said it planned to charge users a fee for PayPal transfers via ATM.
“We will charge 39 cents,” said Green, who indicated that will be a flat fee. “We will see how that goes,” said Green.
“We believe we can make available through ATMs services that presently are only available online or through mobile banking,” added Nogalo.
For PayPal's part, this initiative is part of a broader pushby the eBay subsidiary to offer person-to-person payments as a service to credit unions and banks.
Dan Schatt, a PayPal executive, said at the Tuesday session in Baltimore, “We think there is a big play in helping the industry reduce the number of paper checks. We think we have a way to do that.”
Tech CU indicated it planned to make the service available to all of its ATM cardholders.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
