Visa and PayPal today 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.
This new service provides an experience that offers speed, security and convenience, 24/7/365.
The desire for faster payments is escalating with 60 percent of consumers reporting that having funds available more quickly for personal use is a benefit of real-time funds disbursements.
Instant Transfer for PayPal consumers is now widely available in Canada.
“Visa wants to empower consumers and small businesses to be able to move their money where they want, when they want, and how they want. 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.”
Brian Weiner, Vice President & Head of Product, Visa Canada
Real-time payments critical to small business growth and success
For small businesses, the ability to manage cash flow is critical to their growth and success and 85 percent of small businesses say they would likely switch to a new merchant acquirer who offered real-time payments.
“At PayPal, we focus on finding solutions that help our customers become more efficient. 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.”
Paul Parisi, President, PayPal Canada
Instant Transfer for PayPal 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.