PayPal Stories Archive

At PayPal, we’ve been focused on helping people and businesses get faster access to their money. For too long, digital payments offered faster and better technology but it actually made getting access to money slower in many cases. We’ve launched multiple initiatives over the last few years to give people and businesses more ways to instantly move money using their PayPal account. Today we’re adding to that with Instant Transfer to bank*.

 

We’re beginning to roll out Instant Transfer to bank to consumers in the U.S. now and we expect to roll this out for businesses in the U.S. in the coming weeks, with international expansion expected in the near future. We’re able to offer this functionality to our customers following our expanded partnership with JPMorgan Chase. Through this partnership, PayPal is able to access the Real Time Payments network from The Clearing House, and enable Instant Transfer to bank.

 

Beginning a couple years ago, we launched Instant Transfer to debit card, which gave people and businesses the ability to transfer their balance to eligible debit cards instantly. Since then, we’ve seen impressive adoption of our Instant Transfer to debit solution.

 

Last year, we announced Funds Now, which helps select businesses get access to funds from their completed sales within seconds by eliminating wait times due to holds, delays and reserves so they can spend or transfer money from their completed sales immediately, without having to pay any additional fees.** With Funds Now, we aspire to set a new expectation in payments - that immediate access to funds should be the norm rather than the exception for small businesses in good standing. We’ve already extended Funds Now to more than 3.5 million businesses across the US, UK, Australia, Canada, Germany, France, Italy and Spain.

 

After seeing impressive adoption with both of these offerings, we wanted to continue rolling out additional solutions that make it faster for people and businesses to get access to their money.

 

Getting faster access to money is becoming more and more critical for most people, especially as the global workforce is evolving and an increase in less traditional and more entrepreneurial jobs means people have potentially less stable and more variable incomes. Faster access to your money can also mean being able to cover unexpected expenses and emergencies, staying on top of bills and avoiding late fees. For businesses, getting faster access to money from their sales can mean they can afford to hire more employees, purchase inventory, quickly invest back into their businesses and better manage their cashflow.

 

As always, money in your balance*** is immediately available to use when shopping with PayPal or sending money to friends, and there is no charge to transfer funds directly to your bank account through our standard bank transfer functionality, which typically takes one business day. With Instant Transfer to bank, we’re giving our customers even more ways to get instant access to their money.

  Bill Ready, EVP and Chief Operating Officer