Digital payments major Visa, along with PayPal, has introduced a new feature, which enables Canadian consumers and small businesses to immediately access funds.
Image: Visa and PayPal have introduced instant money access feature in Canada. Photo: courtesy of MBatty from Pixabay.
Powered by Visa Direct real-time push payments solution, PayPal’s new Instant Transfer will move money from customers’ PayPal accounts to their bank account through their Visa debit cards at any time.
Visa Canada vice president and product head Brian Weiner said: “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.”
Instant Transfer for PayPal is widely available for consumers, while it is presently available to an early access group of PayPal customers for small businesses. The partnership plans to launch the new feature across the country in the coming months.
According to Visa Canada, the ability to manage cash flow is crucial for small businesses for their growth and 85% of small businesses are likely to switch to a new merchant acquirer who offered real-time payments.
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.”
VisaNet is an advanced global processing network, which holds capacity to handle more than 65,000 transaction messages per second.
PayPal’s open digital payments platform enables its 277 million active account holders to connect and transact in different ways, including online, mobile device, an app or in person.
The PayPal platform, including Braintree, Venmo, Xoom and iZettle, is available in more than 200 markets across the globe. It allows consumers and merchants to receive money in more than 100 currencies, withdraw funds in 56 currencies and hold balances in their PayPal accounts in 25 currencies.