PayPal Announces New Check-Cashing Feature for Venmo Customers; Stimulus Checks Covered in Service

PayPal Holdings (NASDAQ: PYPL) is continuing its never-ending quest to make its Venmo service more convenient. The company announced Monday that it has introduced check-cashing to the service, allowing users to obtain funds from such instruments simply by scanning them into the app with their smart device.

PayPal said this new feature is available to "select" Venmo customers. It did not provide further details about what "select" means, nor did it provide a time frame for wider rollout.

According to the company, the new check cashing capability allows those chosen users to get their funds into the Venmo system within minutes following a very brief review by the company.

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Source Fool.com