Visa Inc. (NYSE: V) and PayPal recently announced their global partnership that would help in expanding PayPal’s Instant Transfer service for small businesses and consumers that are sending or receiving money via PayPal, Venmo, or Xoom leveraging on Visa Direct for real-time payment capabilities enabling fast domestic and cross-border digital payments. The association will enable PayPal to extend global white label Visa Direct payout services through PayPal and its product solutions like Braintree, Hyperwallet, and iZettle. It will further allow the successful launch of the Instant Transfer service across North America and other markets in the Asia Pacific and Europe.
Real-time access to earnings has become important in improving cash flow for small businesses, especially amid the ongoing Pandemic. Person-to-person payments with Visa’s Visa Direct witnessed an 80 percent increase in transactions in the U.S. during third-quarter earnings this year. Eligible PayPal customers can easily transact with friends, family, and businesses, and can move money quickly from their PayPal via Visa Direct to their eligible Visa cards.
“Sending money to loved ones or giving small businesses real-time access to earnings is critical during these challenging times. By partnering with PayPal on a global scale, we are bringing together two trusted brands to provide hundreds of millions of consumers and small businesses globally with quick and secure payment options that can help them maintain financial stability.” stated said Jack Forestell, CPO, Visa.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Their mission is to connect the world through the most innovative, reliable, and secure payment network – enabling individuals, businesses, and economies to thrive. Their advanced global processing network, VisaNet, provides secure and reliable payments around the world and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying its brand, products, people, network, and scale to reshape the future of commerce. To learn more about Visa (V) and to track its ongoing progress please visit the Vista Partners Visa (V) Coverage Page.)
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