PayPal has announced that its US customers will soon be able to instantly transfer funds from their Venmo accounts to their bank account through their Visa or Mastercard debit or credit card.

The instant transfer feature, which is already in beta for select PayPal users, will let users transfer money in a matter of minutes, rather than the day it currently takes.

“We expect that funds will typically be available in your bank account in a matter of minutes, although some banks may take up to 30 minutes,” PayPal COO Bill Ready wrote in an official blog post.

The new service will come at a rate of $0.25 per transaction. The company added that the current system – in which fund availability typically takes one day and there is no charge – will remain available.

The move is seen as PayPal response to Zelle, a new payments processing service backed largest banks in the US.

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By GlobalData