Through its partnership with PayPal, Mastercard is extending its Instant Transfer solution across Singapore and several European markets
Image: PayPal headquarters in San Jose, California. (Credit: Sagar Savla/Wikipedia.org)
Online payments giant PayPal has extended its Instant Transfer service to Mastercard cardholders in Singapore and in several European countries, after the feature was a success in the US.
Using Mastercard Send application, PayPal users can transfer their account balances to their eligible Mastercard within few seconds. The Send application uses its card network infrastructure to facilitate the availability in real-time.
The service is claimed to have enabled millions of Mastercard cardholders to transfer their PayPal balances to an eligible Mastercard card since 2017.
Instant Transfer now allows PayPal’s business users to optimise cash flow and improve liquidity, as sale proceeds become available immediately. Mastercard issuers are also expected to see increased consumer engagement resulting from the Instant Transfer feature in the PayPal wallet.
Mastercard products and innovation senior vice president Shari Krikorian said: “We are excited to partner with PayPal on its wider roll-out of Instant Transfer to more users in more markets beyond the U.S.
“This extension to our long-standing partnership with PayPal is another example of how we are leveraging our joint expertise and focusing on innovation to help even more people access their money quickly and easily.”
PayPal global markets and partnerships vice president Jennifer Marriner said: “Providing instant access to funds requires innovation and partnership within the financial industry in order to deliver an ideal customer experience. At PayPal, we are constantly innovating and working with important partners like Mastercard to deliver on these innovations.
“By expanding Mastercard Send into new countries it adds another choice for our customers to access their money even faster.”
Mastercard and PayPal expanded digital partnership globally in 2017
In 2017, the two organisations expanded their partnership into Canada, Europe, Latin America and the Caribbean and the Middle East and Africa to enhance customer choice and make Mastercard a clear payment option within PayPal across the globe.
Under the partnership, Mastercard was planned to be presented as a clear and equal payment option within the PayPal Wallet.