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With 30m in the US without a bank account, PayPal is expanding into traditional banking through partnership with smaller banks to offer consumer debit cards connected to their PayPal accounts, along with direct deposits for paychecks and other banking services.
A number of other technology firms with large user bases are looking at providing banking functions. Square Inc. gives out bank cards to users of its Cash App who want one, and Amazon.com Inc. has been in discussions to build a checking-account-like product for its customers. There is a catch, though: PayPal and other tech firms don’t have a U.S. banking license. The FDIC doesn’t backstop funds stored at nonbanks, and Visa Inc. and Mastercard Inc. only permit cards that run on their network to be issued by banks.
https://www.wsj.com/articles/paypal-makes-a-move-toward-traditional-banking-1523266200
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