The COVID-19 pandemic continues to put huge stress on people’s and businesses’ finances, and in an effort to meet some of the crunch, today PayPal and Visa announced an expansion of a service to get cash into people’s hands faster. Instant Transfer — a service where PayPal lets people and businesses quickly access transferred funds by moving them to bank accounts (cutting down waiting time from days to seconds) — is expanding globally to both domestic and cross-border payments in international markets.
This will mean that consumers and businesses globally that send or receive money by PayPal, Venmo or Xoom, or via Braintree, Hyperwallet and iZettle product solutions (all of which are part of PayPal), will now be able to opt for the Instant Transfer option to get electronic funds faster. PayPal’s services use Visa Direct for making the payouts.
The service is a progression and expansion of Instant Transfers,