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Payments General

Visa, PayPal roll out Instant Transfer feature in Canada

Thursday 4 July 2019 | 02:18 PM CET

Visa and PayPal have launched a feature that allows consumers and small businesses in Canada to instantly access funds.

PayPal's new Instant Transfer, powered by Visa Direct, Visa's real-time push payments solution, moves money from customers' PayPal accounts to their bank account via their Visa debit cards – providing a streamlined experience.

According to the press release, the desire for faster payments is escalating, with 60% of consumers reporting that having funds available more quickly for personal use is a benefit of real-time funds disbursements. In addition, 85% of small businesses say they would likely switch to a new merchant acquirer who offered real-time payments.

Instant Transfer for PayPal consumers is now widely available, and for small businesses it is currently available to an early access group of PayPal customers, with plans to be released across Canada in the coming months.

Earlier in 2019, Visa has announced a new strategic agreement with Western Union, a global player in cross-border, cross-currency money movement.

More: Link
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