Now running in beta for some, PayPal (NASDAQ:PYPL) users will be able to instantly transfer money to their bank accounts via eligible debit cards. Writing in a blog post, company COO Bill Ready says funds should be available in a "matter of minutes," though with some banks the process could take up to 30 minutes.
The feature is expected to be rolled out to all U.S. customers in coming weeks and months.
The instant transfer option will come with a nominal fee of $0.25 for transfer. The current system - in which fund availability typically takes one day and there is no charge - will remain available.