As COVID-19 drives digital payments shift, consumers and small businesses can move money quickly through PayPal and Visa Direct capabilities
Whether sending money to a family member in another country or obtaining same-day access to earnings, fast and secure digital payments have become an essential part of how the world pays and gets paid in the wake of COVID-19. Visa and PayPal shared details about an extension of their global partnership, which will expand real-time access to funds for consumers and small businesses that are sending or receiving money via PayPal, Venmo or Xoom. This collaboration expands PayPal’s Instant Transfer service, which leverages Visa Direct for real-time1 payment capabilities, to global markets and enables fast domestic and cross-border digital payments.
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“This collaboration expands PayPal’s Instant Transfer service, which leverages Visa Direct for real-time payment capabilities, to global markets and enables fast domestic and cross-border digital payments.”
The global partnership will also enable PayPal to extend global white label Visa Direct payout services through PayPal and its Braintree, Hyperwallet and iZettle product solutions. This expansion follows the successful launch of the Instant Transfer service across North America and other markets in Asia Pacific and Europe.
“Sending money to loved ones or giving small businesses real-time access to earnings is critical during these challenging times,” said Jack Forestell, CPO, Visa. “By partnering with PayPal on a global scale, we are bringing together two trusted brands to provide hundreds of millions of consumers and small businesses globally with quick and secure payment options that can help them maintain financial stability.”
Person-to-person (P2P) payments using Visa Direct, Visa’s real-time push payments platform, experienced an almost 80 percent increase in transactions in the U.S. during Q3 20202. Eligible PayPal customers can pay and get paid by friends, family and businesses, and move money quickly from their PayPal, Xoom and Venmo accounts via Visa Direct to their eligible Visa cards.
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