PayPal is preparing to introduce a new payment card that can store information about multiple accounts, reports Bank Technology News.
The magnetic stripe card will only display the PayPal logo and won’t contain the holder’s name or account number. A tokenization process accesses account information through a code, negating the need for an account number. When used at point of sale, users will be able to choose which account they’d like to use to pay for the transaction.
The cards will be able to use existing card reading terminals, although merchants will have to upgrade the terminals’ software to accommodate the card’s technology. While PayPal intends to launch the card by the second quarter of 2012, its usability will be tied to the willingness of merchants completing this upgrade.
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