PayPal and Visa have announced the introduction of instant transfers solution in Canada.
The move will enable sellers to transfer their funds from their PayPal accounts to their bank accounts via the Visa debit card.
PayPal attributes the launch of the service to the increased demand for faster payments. Some 60% of consumers report that having funds available more quickly for personal use is a benefit of real-time funds disbursements. For small businesses, the ability to manage cash flow is critical to their growth and success – 85% of small businesses say they would likely switch to a new merchant acquirer who offered real-time payments.
PayPal say that the instant transfer solution is now widely available 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.
“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.
“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 and head of product, Visa Canada.
