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.
About PayPal
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.
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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
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2 Visa
Funds Disbursements Research, Aite Group survey commissioned by
Visa of 154 North American SMB businesses, Q4 2017
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3 See
footnote 2
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SOURCE Visa Canada