PayPal has announced that its users in the US will soon be able to instantly transfer money to their bank accounts via eligible debit cards linked to their PayPal account.
The move is expected to speed up the peer-to-peer (P2P) payments process, with funds being transferred in a matter of minutes rather than days.
Currently, more than $7 million is transferred every hour via PayPal’s P2P services, including Venmo and Xoom.
The beta version of the new feature 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.
In a blog posting, PayPal stated: “This new feature is another benefit to our customers that we’re able to make possible through the partnerships we announced last year with Visa and Mastercard and our closer working relationship with the bank and card issuing ecosystem.
“As always, funds in your balance are immediately available to use when shopping with PayPal, and there is no charge to transfer funds directly to your bank account through our original bank transfer functionality, which typically takes one business day.”
The new transfer option will be available for a nominal fee of $0.25 per transfer.
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