Visa and PayPal join forces to allow consumers and small businesses in Canada to access money faster
TORONTO, July 2, 2019 /CNW/ – Visa and PayPal today launched a feature that allows consumers and small businesses in Canada to instantly access funds. PayPal’s new Instant Transfer, powered by Visa Direct, Visa’s real-time1 push payments solution, moves money from customers’ PayPal accounts to their bank account via their Visa debit cards – providing an experience that offers speed, security and convenience, 24/7/365.
The desire for faster payments is escalating: 60 per cent of consumers report that having funds available more quickly for personal use is a benefit of real-time funds disbursements2. For small businesses, the ability to manage cash flow is critical to their growth and success – 85 per cent of small businesses say they would likely switch to a new merchant acquirer who offered real-time payments3.
“Visa wants to empower consumers and small businesses to be able to move their money where they want, when they want, and how they want,” said Brian Weiner, Vice President & Head of Product, Visa Canada. “Visa Direct is providing millions of Canadians more convenient ways to access their funds, and we are pleased to be partnering with PayPal to bring this capability to our mutual customers.”
“At PayPal, we focus on finding solutions that help our customers become more efficient,” said Paul Parisi, President, PayPal Canada. “For our small business customers, faster access to their funds is crucial. Instant Transfer is just one more way we are giving control and flexibility to our customers, allowing them to send and spend their money on their own terms.”
Instant Transfer for PayPal consumers is now widely available, and for small businesses it is currently available to an early access group of PayPal customers, with plans to be released across Canada in the coming months. For more information about Visa Direct, visit: https://usa.visa.com/run-your-business/visa-direct.html.
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, https://usa.visa.com/visa-everywhere/blog.html and @VisaNews.
Fueled by a fundamental belief that having access to financial services creates opportunity, PayPal Holdings, Inc. (NASDAQ: PYPL) is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy. Our open digital payments platform gives PayPal’s 277 million active account holders the confidence to connect and transact in new and powerful ways, whether they are online, on a mobile device, in an app, or in person. Through a combination of technological innovation and strategic partnerships, PayPal creates better ways to manage and move money, and offers choice and flexibility when sending payments, paying or getting paid. Available in more than 200 markets around the world, the PayPal platform, including Braintree, Venmo, Xoom and iZettle, enables consumers and merchants to receive money in more than 100 currencies, withdraw funds in 56 currencies and hold balances in their PayPal accounts in 25 currencies. For more information on PayPal, visit https://www.paypal.ca.
1 Actual fund availability depends on receiving financial institution and region. Visa requires fast-funds enabled issuers to make funds available to their recipient cardholders within a maximum of 30 minutes of approving the transaction. Please refer to your Visa representative and the Visa Direct Original Credit Transaction Global Implementation Guide for more information
2 Visa Funds Disbursements Research, Aite Group survey commissioned by Visa of 154 North American SMB businesses, Q4 2017
3 See footnote 2
SOURCE Visa Canada