Transfers from PayPal balance to arrive in AU accounts within 60 seconds. The new feature enabling instant transfers from PayPal balance to eligible Australian bank accounts and Visa debit cards.
PayPal Australia today announced a new feature enabling instant transfers from PayPal balance to eligible Australian bank accounts and Visa debit cards.i The new feature uses the New Payments Platform (NPP) via access provided by PayPal Australia’s banking partner, the National Australia Bank (NAB) and leverages Visa Direct for real-timeii payment capabilities to eligible Visa debit cards.
PayPal is the first major payment platform in Australia to enable instant transfers using the NPP and Visa Direct, allowing funds to arrive within 60 seconds. The feature is available to eligible small business and consumer customers of PayPal Australia.
Standard transfer processing can take up to three days in Australia depending on the receiving bank’s clearing process. The new instant transfer feature gives small businesses an option to access their money almost instantly and facilitate cash flow.
The feature is available for transfers as low as $2 with maximum transfer amounts individually calculated based on the profile of each consumer or small business and their trading history on the PayPal platformiii. There is a small fee of 1% to use the feature, that is capped at $10.iv Customers can easily accept or decline to use the instant transfer option as the fee is transparently disclosed.
The new feature sees PayPal Australia become the largest commercial customer to leverage the NPP via NAB.
The new feature also sees PayPal Australia leverage Visa Direct for domestic instant transfers to eligible Visa debit cards. Visa Direct is Visa’s real-timev push payments platform that enables businesses, consumers, and governments to move funds from an originating account to a recipient account for domestic transactions and cross-border transfers.
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i, ii, v Actual fund availability varies by receiving financial institution, receiving account type, region, and whether the transaction is domestic or cross-border. PayPal instant transfers in Australia are available for domestic accounts only.
iii Maximum amounts will also be subject to the receiving bank’s policies.
iv Minimum fee is $0.25
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
