Typically at Bankful, we focus on how you can boost your revenue through customer-facing sales strategies. But today, let’s flip the script and explore how you, as a consumer, can benefit from PayPal’s latest game-changing move. PayPal is shaking things up in the payments world—and yes, it’s about to make your in-person shopping experience even more rewarding. PayPal, the online payments giant we all know and trust, is diving into in-person purchases. No more sticking to online-only transactions. You can now use PayPal at stores, cafes, and restaurants, thanks to its integration with Apple Pay. Plus, they’re sweetening the deal with a 5% cash-back offer.
A Big Move by New Leadership
Alex Chriss, PayPal’s new CEO (fresh from Intuit), is the brains behind this shift. While PayPal has always been a king of online transactions and peer-to-peer payments (Venmo, anyone?), it’s now setting its sights on a much bigger slice of the pie: in-person sales. Chriss knows that while eCommerce is booming, it’s not everything. People are swiping at physical stores too, and PayPal is ready to jump into the game and compete head-on with tech rivals like Apple and Google.
Why This Matters for You
Not only can you use your PayPal debit card for in-person purchases with Apple Pay, but you also get 5% cash back on selected products (up to $1,000 per month). You can even score extra rewards from popular brands like DoorDash and Sephora. So, basically, you get rewarded for spending money on things you were already planning to buy. Who doesn’t love that?
With Paypal's 5% cash back offer you can pick a new category each month—gas, groceries, and more. Then get 5% cash back when you shop your chosen category online and in stores.
Debit Cards Are Taking Over
Debit cards have become more popular lately because people are getting smarter about their spending habits. U.S. debit card payments have been on the rise, jumping to a whopping $4.55 trillion in 2021. Chriss sees this trend and is steering PayPal right into the heart of it. With the rise of mobile wallets and tap-to-pay options, PayPal’s move is perfectly timed to give you more payment options and rewards at checkout.
PayPal’s Competitive Edge
Only 24% of debit cardholders get cash-back rewards, while 74% of credit cardholders do. With PayPal’s 5% cash-back offer, they’re throwing down the gauntlet in the debit rewards game. It’s not just about convenience anymore—now it’s about getting paid back for what you spend. And yes, you can use PayPal for every purchase, everywhere, every time (Paypal’s words, not ours, but it’s catchy, right?).
What’s Next?
So, what does this mean for you? If you’re a fan of easy payments, cash-back rewards, and using mobile wallets like Apple Pay, this is a game-changer. PayPal’s making it simpler and more rewarding to pay for everything from your morning coffee to your next big splurge. Plus, with more competition in the market, you can bet there will be even more innovation coming down the line.
