Can PayPal overtake banks?

TheStreet features an interesting article today about how PayPal may be on track to become the country’s go-to bank – taking financial business away from traditional banks.

The convenience, ease and customer-focused nature of PayPal is what TheStreet says is driving more customers to use their digital payment options.

And PayPal is working on becoming more of an in-store presence, lining up retailers to offer in-store payment methods.

I’m not sure how I feel about this.

Call me old-fashioned but I prefer the security net of traditional banks.

Maybe it’s the big brick-and-mortar buildings or the familiar atmosphere a shiny lobby provides, but it gives me a sense that my money is safe and accounted for when I put it in the bank. Even though, I rarely visit a bank, I do most of it online or over-the-phone.

I’ve used PayPal, but it seems more useful for quick, online purchases rather than big in-store ones.

But I may not have a choice soon, if PayPal becomes the new way to pay for your purchases.

What do you think? Do you use PayPal – or would you give it a try?

About Ashley Wislock

Business reporter focusing on retail for the York Daily Record/Sunday News. In my spare time, I'm a social media, sports, reality TV and celebrity gossip junkie. Contact me at awislock@ydr.com or 717-771-2029!
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