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PayPal Speeds up Money Transfers

PayPal users in the U.S. will soon be able to speed up money transfers to their bank accounts via eligible debit cards linked to their PayPal account, reports Paybefore sister publication Banking Technology. This new transfer option will be available for a fee of $0.25 per transfer. It will also be available for PayPal’s mobile payment service Venmo.

Funds “will typically be available in your bank account in a matter of minutes, although some banks may take up to 30 minutes,” said Bill Ready, executive vice president and chief operating officer for PayPal.

The program, now in beta testing, is available to select PayPal users and will be made available to all U.S. PayPal users with eligible Visa or Mastercard debit cards over the coming weeks and months. This transfer feature is made possible through PayPal’s partnerships announced last year with Visa and Mastercard and its “closer working relationship” with the bank and card issuing ecosystem, the company said.

Over the last few months, PayPal made some other notable deals. For instance, Android Pay users on Google Chrome mobile web can pay online using their PayPal accounts and their fingerprints—without needing to enter in their usernames or passwords. In April, PayPal’s bid to acquire Vancouver-based bill payment specialist TIO Networks was approved by TIO shareholders, who overwhelmingly voted in favor of the proposed sale.

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