Visa Inc. V and PayPal Holdings, Inc. PYPL have expanded their partnership, which in turn, extends the latter’s Instant Transfer services to the global markets, thus enabling fast domestic and cross-border digital payments.
PayPal’s instant transfer services leverage Visa Direct’s real-time payment capabilities. The deal extension comes at a time when real-time money transfer and payment settlement became the need of the hour. This requirement came up in the wake of COVID-19 breakout, which left consumers as well as small businesses cash starved. In such circumstances, instant access to funds, which can restore financial flexibility to those in need, is of utmost significance.
Visa and PayPal’s deal will allow family members residing in two different countries to transfer funds instantly. Also, small businesses can pay and receive payments on a real-time basis.
The magnitude of the requirement of real-time payment capability can be gauged from the fact that 76% of