PayPal has announced that its US customers will soon be able to instantly transfer funds from their Venmo accounts to their bank account through their Visa or Mastercard debit or credit card.

The instant transfer feature, which is already in beta for select PayPal users, will let users transfer money in a matter of minutes, rather than the day it currently takes.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

“We expect that funds will typically be available in your bank account in a matter of minutes, although some banks may take up to 30 minutes,” PayPal COO Bill Ready wrote in an official blog post.

The new service will come at a rate of $0.25 per transaction. The company added that the current system – in which fund availability typically takes one day and there is no charge – will remain available.

The move is seen as PayPal response to Zelle, a new payments processing service backed largest banks in the US.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.