PayPal has announced a deal with ATM manufacturer NCR that moves it more deeply into the payments arena. The predominantly online and mobile phone based payments company announced a suite of services aimed at the retail sector last month.
In the new announcement, PayPal said the deal will enable consumers to use ATMs to send money directly to an individual from their deposit account with only the recipient's mobile phone number or email address.
The recipient will have to have a PayPal account to access the funds, the company said.
“The ATM channel continues to play a powerful role in delivering new, multichannel financial services to consumers,” said Michael O’Laughlin, senior vice president, NCR Financial Services. “This solution is just an early foray by NCR to extend person-to-person payments options around the world.”
PayPal did not say what the new service would cost or whether a fee would be charged to the payment originator or recipient or both, but industry analysts expect that the service will likely undercut competing money transfer services on price, particularly on international money transfers and remittances.