PayPal Australia has introduced a new feature enabling instant transfers from PayPal balance to eligible Australian bank accounts and Visa debit cards. The feature is available to eligible small business and consumer customers.
The new feature uses the New Payments Platform (NPP) via access provided by the National Australia Bank (NAB) and leverages Visa Direct for real-time payment capabilities to eligible Visa debit cards. PayPal is the first major payment platform in Australia to enable instant transfers using the NPP and Visa Direct, allowing funds to arrive within 60 seconds.
Standard transfer processing can take up to three days in Australia depending on the receiving bank’s clearing process. The new instant transfer feature gives small businesses an option to access their money almost instantly and facilitate cash flow.
The feature is available for transfers as low as $2 with maximum transfer amounts individually calculated based on the profile of each consumer or small business and their trading history on the PayPal platform. There is a small fee of 1% to use the feature, which is capped at $10. Customers can easily accept or decline to use the instant transfer option as the fee is transparently disclosed.
PayPal Australia general manager for payments, Andrew Toon said Australian small business owners are deeply invested in everything they do so they are constantly working to find the right balance between business growth, time management and maintaining cash flow.
“PayPal’s new instant transfer feature gives Australian small businesses an easy way to access their earnings almost immediately. We’re excited to leverage the speed of the NPP through our Australian banking partner, NAB, and also to continue to expand our partnership with Visa to help more customers get faster access to their funds.”