- PayPal (PYPL +0.4%) introduces a service that allows customers to move money more quickly into their bank using their PayPal account.
- Rolls out Instant Transfer to bank to consumers in the U.S. today and expects it to be available for U.S. businesses "in the coming weeks"; international expansion is seen in "the near future."
- The new service follows PayPal's expanded partnership with JPMorgan, allowing PayPal to access the Real Time Payments network from The Clearing House.
- PayPal's standard bank transfer functionality typically takes one business day. Instant Transfer to bank transactions typically occur in minutes and vary by bank, though debit card transfers may take up to 30 minutes, PayPal says.
- Instant Transfers to bank and debit cards come with a 1% per transaction fee capped at $10.
- Previously: MercadoLibre discloses equity offerings (March 12)