BELLEVUE, Wash. — Coinstar, a provider of coin-counting kiosks to many food retailers, launched a feature enabling consumers to add coins and paper currency into, or withdraw funds from, their PayPal account, as well as send money to another PayPal account.
The rollout began last month in Texas, Northern California and Ohio and will continue at select kiosks throughout the year. Coins and paper currency added via Coinstar kiosks can be spent online or in retailer stores where PayPal is accepted.
Customers can add up to $500 using coins and paper money to a PayPal account each calendar month. Coinstar’s standard coin-counting fee of 9.8% applies when coins are added to a PayPal account. When using paper money, a $3 fee applies for transactions up to $300 and a $6 fee applies for transactions over $300. Withdrawals are limited to $500 in a calendar month and $200 per day; each withdrawal incurs a $3 fee.
Coinstar and PayPal conducted a test of the service last year in the Dallas metropolitan area, where 40% of kiosk users who used the PayPal feature went back to use PayPal on a Coinstar kiosk an average of two times a month.
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