Visa (NYSE:V) and PayPal (NASDAQ:PYPL) bring PayPal’s Instant Transfer service to global markets, giving consumers and small businesses real-time access to funds that they send or receive money through PayPal, Venmo, or Xoom.
The expanded partnership also enables PayPal to extend Visa Direct payout services through PayPal and its Braintree, Hyperwallet, and iZettle products.
The programs will be rolled out globally over the coming months, with a focus on expanding reseller capabilities, new use cases, and enabling new markets around the globe.
Faster access to funds could help small to medium-sized businesses feeling cash crunches during the pandemic due to delays.
According to a PYMTS/Visa report, 76% of U.S. small to medium-sized businesses say they’ve struggled with cash flow shortages in the last few months, with 91% expressing interest in real-time settlement capabilities.
Visa reports that person-to-person payments using Visa Direct experienced an almost 80% increase in transactions in the U.S. during Q3 2020.
Eligible PayPal customers can pay and get paid by friends, family and businesses, and move money quickly from their PayPal, Xoom and Venmo accounts via Visa Direct to their eligible Visa cards.
Previously: PayPal gains after boosted, consensus-beating guidance (July 29)