PayPal unveils speedier money transfers to bank accounts » Banking Technology

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Costs $0.25 per transfer

PayPal users in the US will soon be able to speed up money transfers to their bank accounts via eligible debit cards linked to their PayPal account.

Bill Ready, EVP, COO, PayPal, says it expects that funds “will typically be available in your bank account in a matter of minutes, although some banks may take up to 30 minutes”.

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.

Its beta is now available to select PayPal users and will be made available to all US PayPal users with eligible Visa or Mastercard debit cards over the coming weeks and months.

According to PayPal, this new feature is made possible through its partnerships announced last year with Visa and Mastercard and its “closer working relationship” with the bank and card issuing ecosystem.

No place like Chrome

Over the last few months, PayPal made some notable deals.

Last month, Android Pay users on Google Chrome mobile web could start paying online using their PayPal account and their fingerprint – without needing to enter in their username or password.

While in April, PayPal’s bid to acquire Vancouver-based bill payment specialist TIO Networks was approved by TIO shareholders, who overwhelmingly voted in favour of the proposed sale.