PayPal Launches Instant Bank Transfers for Merchants and Consumers
PayPal has launched a new service, 'Instant Transfer to bank', offering merchants and online marketplace sellers greater flexibility. This service leverages The Clearing House's Real Time Payments network, allowing PayPal users to instantly transfer money into their us bank or pnc bank accounts.
The service is currently available to U.S. consumers and will soon be accessible to U.S. businesses, with an international rollout planned. Transfer times vary by bank, with debit card transfers taking up to 30 minutes. PayPal partnered with JPMorgan Chase in 2017 to facilitate such services.
While no specific us banks or pnc banks have been publicly announced for the international rollout, PayPal is known for expanding payment options and collaborating with companies like Google for e-commerce and AI integration. The Instant Transfers to us banks, pnc banks, and debit cards come with a 1% transaction fee, capped at $10.
PayPal's 'Instant Transfer to bank' service is a welcome addition for merchants and consumers alike, providing quicker access to funds. As the service expands internationally, users can expect more flexibility and convenience in their financial transactions.
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