PayPal and Visa have teamed up to enable consumers and small businesses in Canada access funds instantly.
Through the new Instant Transfer service, one can use Visa debit card to transfer funds from PayPal accounts to bank accounts.
The service utilises Visa’s real-time push payments solution Visa Direct.
Visa Canada vice president and head of product Brian Weiner said: “Visa Direct is providing millions of Canadians more convenient ways to access their funds, and we are pleased to be partnering with PayPal to bring this capability to our mutual customers.”
The new offering is widely available for consumers.
In case of small businesses, the service can now be availed by only select PayPal customers. Plans are on for a broader roll-out soon.
PayPal Canada president Paul Parisi said: “For our small business customers, faster access to their funds is crucial.
“Instant Transfer is just one more way we are giving control and flexibility to our customers, allowing them to send and spend their money on their own terms.”
In this context, Visa cited the Visa Funds Disbursements Research.
Furthermore, of those polled in the study, 60% opined that having funds available quickly for personal use is a benefit of real-time funds disbursements.
Recent PayPal developments
PayPal was recently in the limelight for its alliance with Coupa Software.
The payments firm also invested in Cambridge Blockchain, its first blockchain investment.
Besides, PayPal recently invested $500m in ride-hailing app Uber.