PayPal and Visa bring Instant Transfer feature to Canada

Visa and PayPal today launched a feature that allows consumers and small businesses in Canada to instantly access funds, according to finextra.com.

PayPal’s new Instant Transfer, powered by Visa Direct, Visa’s real-time[1] push payments solution, moves money from customers’ PayPal accounts to their bank account via their Visa debit cards – providing an experience that offers speed, security and convenience, 24/7/365.

The desire for faster payments is escalating: 60 per cent of consumers report that having funds available more quickly for personal use is a benefit of real-time funds disbursements[2]. For small businesses, the ability to manage cash flow is critical to their growth and success – 85 per cent of small businesses say they would likely switch to a new merchant acquirer who offered real-time payments[3].

“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,” said Brian Weiner, Vice President & Head of Product, Visa Canada. “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.”

“At PayPal, we focus on finding solutions that help our customers become more efficient,” said Paul Parisi, President, PayPal Canada. “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.”

Instant Transfer for PayPal consumers is now widely available, and 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.