PayPal began providing banking services to some of its customers

PayPal is a company known to many as an online payment facilitator that allows users to make online payments on many sites, such as eBay and other websites. This is because PayPal has protection services that help protect buyers and sellers from fraud.


However, it appears that PayPal may branch out to other financial services, such as banking, because according to a recent report from the Wall Street Journal, the company has provided banking services to some of its clients. This includes debit cards, the ability to deposit checks, and even get a loan.

The report claims that PayPal has already cooperated with a number of licensed banks to provide these services, although the identity of these banks is still unknown. PayPal has not yet confirmed this report, but if this is true, we are likely to expect an announcement in the near future.

This should be an exciting direction for the company especially when you know that platforms like eBay are planning to replace PayPal with a different company as a major payment processor. PayPal is not the first non-banking company to offer such services. WeChat has evolved from a chat application in China to more than that. It now allows users to get personal loans or even buy real estate.