PayPal, JPMorgan partner on instant transfer to banks
(12 March 2019 - United States) PayPal has introduced a service that lets US consumers instantly transfer money to a bank account via JPMorgan Chase's access to a real-time payment network.
The service is part of PayPal's bid to remain competitive with banks and digital payment services such as Square and Stripe.
Instant transfer to bank accounts will cost the same as transferring to a debit card: one percent of the transaction amount, up to a maximum fee of US$10. The plan will be to add more features to cater to this demographic of individuals-as-businesses in the future.
PayPal COO Bill Ready stated that the group is working on how to extend the offering to other countries where banks and other payments providers are set to release similar services in the coming months. “For small businesses and individuals, this really matters,” he said. “It’s a significant expansion of our addressable customer base since many don’t have debit cards. Now they can withdraw the funds from their bank accounts.”
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