PayPal launching instant money transfers directly to bank accounts

Despite the rising popularity of services like Cash and even some social networks like Facebook and Snapchat, PayPal is still the leading peer-to-peer money service on the market. Nearly every shopping site on the web offers a PayPal option during checkout, with the company handling over $7 million in transfers every hour. Now, the company aims to make it quicker and easier to transfer funds to bank accounts.

While PayPal offers a debit card for business customers to be able to access their funds directly, most users transfer the funds directly to their bank account, which can typically take two or three business days. It’s not ideal when you’re in a pinch for cash, but for many it’s been the only way to use PayPal in a physical store.

Rolling out to users gradually over the next few months, PayPal will soon be able to transfer money directly to bank accounts with a much shorter wait time. Users with eligible Mastercard and Visa debit cards should see their funds transfer in just a matter of minutes, with the longest expected delay being just half an hour.

The instant transfer feature will be offered for $0.25 per transaction, though free transfers with the normal wait time will still be available, as well.

PayPal will face increased competition from Apple this fall, as iOS 11 includes support for Apple Pay person-to-person payments. Nevertheless, the company doesn’t seem too worried

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Hayato is an Indianapolis-based writer and video producer for 9to5Google.