PayPal taps into NPP for instant transfers to bank accounts – Finance – Strategy
PayPal has introduced a new feature that allows PayPal balance transfers to domestic bank accounts and Visa debit cards within one minute.
The feature uses the new payment platform (NPP) through PayPal’s partnership with National Australia Bank (NAB) and Visa’s real-time payment platform, Visa Direct.
It is available for transfers as low as $ 2 with maximum transfers depending on the history of the individual consumer.
Through Visa Direct, the feature also allows users to send domestic instant transfers to eligible Visa debit cards.
Customers can turn off the feature as a 1% fee applies when transferring between accounts and is capped at $ 10.
The feature is also available for small businesses with maximum transfers based on transaction history on the PayPal platform.
PayPal Australia Payments General Manager Andrew Toon said the company was “delighted to take advantage of the speed of the nuclear power plant through our Australian banking partner, NAB, and also to continue to expand our partnership with Visa to further help. of clients to access their funds more quickly. “
According to PayPal Australia, it is the largest commercial customer to take advantage of the nuclear power plant through NAB.
“Accelerating digital innovation and faster services for the benefit of our customers and partners is at the heart of NAB’s strategy,” said Shane Conway, NAB’s head of corporate banking and payments.
“We’re excited to offer this industry-leading real-time payment service, supporting a fast and seamless digital experience for the many small businesses that rely on the PayPal platform for their day-to-day operational needs.
“We look forward to continuing to work with PayPal and other partners and provide them with NAB’s leading digital payment solutions. “