Science

PayPal To Introduce Instant Bank Transfers

PayPal seems to be reacting to Zelle, a new payments processing service backed by major banks like Chase, Citibank, Bank of America, TD Bank, and Wells Fargo that began rolling out earlier in June. PayPal also faces a formidable competitor in Apple Pay, now that P2P payments will become a part of iOS 11.

If you've ever transferred money from PayPal to your bank account, you know that it's not necessarily an instantaneous process and could take a while, or even longer depending on the country you are living in. You can't opt into the beta, but if you're part of it, you'll now see the option via the mobile or web app. Venmo will follow with their own beta, and then all PayPal and Venmo customers in the US should have access in the coming weeks, according to PayPal.

The new framework will enable users to move funds from their PayPal account to their linked, eligible debit cards in just a few minutes, although some transfers could take up to 30 minutes. It will soon be made available to all PayPal users with eligible Visa or MasterCard debit cards.

PayPal's move is a necessary one to maintain its edge in a competitive market.

Last week Early Warning Systems announced their new Zelle payment processing system to enable almost instantaneous transfers of funds for P2P transactions.

While PayPal has been in the peer-to-peer money transfer game for almost two decades, it has only recently faced competition.

PayPal's stock was down 0.62 percent in Tuesday trading to $52.60.



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