PayPal, Visa collaborate for instant bank transfers in Canada
PayPal is working with Visa to enable consumers and small businesses in Canada to move funds instantly from PayPal to their bank accounts using Visa’s debit push payments service.
Instant Transfer, a new feature from PayPal, leverages Visa Direct so customers can receive their PayPal funds on their Visa debit cards in real time, Visa said in a Thursday press release.
“For our small business customers, faster access to their funds is crucial,” said Paul Parisi, PayPal Canada’s president, in the release.
The service is available now for small businesses and some consumers, and it will be broadly available across Canada in the coming months, Visa said in the release.
PayPal early this year extended instant transfers to U.S. consumers' bank accounts.