PayPal has launched instant transfers to bank accounts through its partnership with the National Australia Bank (NAB) and Visa’s real-time payments platform, Visa Direct.
The new feature launched uses the New Payment Platform (NPP) via partnership with NAB and it enables transfers from PayPal balance to domestic bank accounts and Visa debit cards within one minute. It is available for transfers as low as USD 2 with maximum transfers dependant on individual consumer history, according to IT News.
Through Visa Direct, the feature also allows users to send domestic instant transfers to eligible Visa debit cards. Moreover, the new service is also available to SMEs with maximum transfers based on trading history on the PayPal platform.
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