Visa and PayPal have partnered to launch a new feature which allows instant access to funds for consumers and small businesses in Canada.
Dubbed Instant Transfer, the new PayPal feature is powered by Visa’s real-time push payments system, Visa Direct. It’ll move money from customer’s PayPal accounts to their bank account via their Visa Debit card. PayPal says Instant Transfer provides speed, security and convenience.
Having quick access to funds is essential for consumers and integral for small businesses, which have to manage cash flow to grow and succeed. According to Visa research, 85 percent of small businesses say they would likely switch to a new merchant acquirer that offered real-time payments.
Instant Transfer for consumers started rolling out back in March and is now widely available for consumers. For small businesses, it’s currently only available to an early access group, and PayPal will release it across Canada in the coming months.