Can you add money to paypal at 711

So you've got a big wad of dough, but cash is so early 2000s. It's all about digital currency, NFC, and other fancy digital stuff. You could swing by the bank to deposit the cash... or you can dump it right into your PayPal using PayPal Cash. That process just got easier with the addition of 7-Eleven to the list of supported retailers in the latest app update.

PayPal Cash lets you turn your physical cash into PayPal money without the added hop from your bank to your PayPal balance. You can probably guess how this works, but here's the gist anyway. You go to your local CVS, Rite Aid, or (now) 7-Eleven. Using the PayPal app, you can generate a barcode that the cashier scans, then you hand over the cash. The money is credited to your PayPal account, and you're done.

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You can only deposit $500 per day and $4,000 per month with PayPal Cash, and there's a $3.95 fee for the service each time you use it. It's not really worth the cost if you're going to deposit small amounts. If you do have a wad of cash to get into PayPal, make sure you've got the new version of the app. It started rolling out yesterday and includes 7-Eleven as an option for PayPal Cash. You can print the barcodes at home, but the app is easier.

IRVING, Texas — 7-Eleven Inc. is the latest retailer to join the list of PayPal Cash locations. The program will be available at approximately 8,000 7-Eleven stores in the United States.

To use PayPal Cash, consumers can take their cash to a 7-Eleven store; use the iOS or Android version of the PayPal mobile app to generate a barcode; and give it to the cashier to scan, after which they simply hand over the cash. The funds will be immediately credited to the customer's PayPal account, reported Tech Times.

To be eligible for PayPal Cash, the user must have a credit or debit card that is linked to both the PayPal account and the user's bank account.

To prevent money laundering, PayPal Cash users are limited to deposits of $500 a day, and the monthly maximum cannot exceed $4,000. A service fee of $3.95 per each transaction made also applies.

Other retailers that support PayPal Cash include CVS and Rite Aid.

Irving, Texas-based 7-Eleven Inc. operates, franchises and licenses more than 10,700 7-Eleven stores in North America. 

Provide the cash you want to load at the register and swipe your card—the money appears in your PayPal Balance account, usually within minutes. Then, use the money in your balance to shop everywhere Mastercard® is accepted. The PayPal Debit Card has no monthly fee, no minimum balance, or credit checks.2

PayPal is expanding coverage of its PayPal Cash program by letting consumers add cash to their accounts at any 7-Eleven store.

The move would make it possible for consumers to deposit cash directly into their PayPal accounts, bypassing ATMs and bank systems, at over 8000 locations around the country. This shows the increasing power of mobile payments to disrupt traditional models of personal finance.

“With over 5 billon payments processed annually, PayPal is a leader in the mobile wallet space,” said Wilson Kerr, vice president of business development and sales at Unbound Commerce. “They are trusted by over 190 Million consumers and this trust is a big portion of the grease on the skids sliding us toward a cashless society.

“By allowing consumers to buy a card with cash and then use it to pre-load a PayPal account, they give consumers a safe, secure ‘bank’ with instant access via any of the 15 Million stores that that accept PayPal, whether that’s online or in-store. The 7-Eleven shopper demographic is one that is perhaps less likely to have a PayPal account already, so this move also drives more sign-ups to PayPal, who see a transaction fee from merchants when PayPal is used to pay for things.”

PayPal Cash
PayPal was one of the first companies to qualify as what we might now call mobile payments, but at the time was conducted mainly through desktop.

Since its debut, mobile payments have come to take on a very different role in society.

Normally, mobile payments come in the form of NFC payments in-store, or as a quick means of checking out when shopping on your phone.

PayPal has done well to keep up with the changing tide of what mobile payments can be, and has now fully committed to acting as a disrupting force to how traditional finance models work.

For so long, the basic model of depositing cash at an ATM or bank has been the standard way of doing things. From there, consumers can pay with that money on a debit card or pay with credit.

Mobile payments have almost always been linked with credit cards or bank accounts.

But PayPals Cash offers a different way of transferring cash to a mobile payment model. With PayPal Cash, consumers can deposit money directly into their PayPal account at any participating PayPal Cash location.

These participating locations now include 7-Eleven.

Disruptive finances
This offers consumers a way of bypassing ATMS altogether and putting their cash directly into a place where it can be used for online or in-store mobile payments.

This is yet another move from PayPal to diversify its offerings, going off of a recent effort the company undertook to improve its usability among business owners with a mobile app designed specifically for them (see story).

“This is a smart move that is literally turning cash into PayPal credit and ushering more people into the mobile cashless future,” Mr. Kerr said.

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