PayPal has introduced a new feature enabling transfers from PayPal balance to domestic bank accounts and Visa debit cards within one minute.
The feature uses the New Payment Platform (NPP) through PayPal’s partnership with the National Australia Bank (NAB) and Visa’s real-time payments platform, Visa Direct.
It is available for transfers as low as $2 with maximum transfers dependant on individual consumer history.
Through Visa Direct, the feature also allows users to send domestic instant transfers to eligible Visa debit cards.
Customers can opt-out of the feature as a 1 percent fee applies when transferring between accounts and is capped at $10.
The feature is also available to small businesses with maximum transfers based on trading history on the PayPal platform.
General manager of payments PayPal Australia Andrew Toon said the company is “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.”
According PayPal Australia, it is the largest commercial customer to leverage the NPP via NAB.
“Accelerating digital innovation and faster services for the benefit of our customers and partners is core to NAB’s strategy,” said NAB's executive for transaction banking and enterprise payments Shane Conway.
“We are delighted to offer this market leading real-time payment service, supporting a fast and seamless digital experience for the many small businesses who 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 providing them with NAB’s leading digital-led payment solutions.”