Just like Zelle, PayPal will also be offering Instant bank transfer service
The PayPal made an announcement few days back that it is going to speed up its procedure of money transfer between its service, Venmo and the bank account of users which are supported with the MasterCard and the Visa debit card. This new and immediate transfer service will be available at the cost of around $0.25 per transaction .With the help of this instant fund transfer service, the money will be transferred within few minutes only. The Venmo back transfer will get faster and all the users will be able to transfer funds from the Venmo accounts to the banks within minutes by just paying an extra 25 cent per transaction.
The PayPal and Venmo had partnered with Visa and Master card for the creation of this platform
This new instant transfer services has been introduced in response to the Zelle which is a new payment processing service and it is backed by some of the major banks .Although the Zelle doesn’t have a dedicated app for the purpose and all kinds of social features that Venmo is having but it is allowing the instant withdrawals too which is not there in many other money sharing app. So a Venmo user who has a bank account and a debit card will be able to utilize the Venmo PayPal instant fund transfer service.
Each transaction will be costing just $0.25, no matter what is the size of transaction
The PayPal and the Venmo had actually partnered with their competitors Visa and the Master card for the creation of this platform. This provision is going to help out all those people who want to make large transactions quickly. Each transaction will be costing just $0.25, no matter what the size of the transaction is.
The funds in the user’s bank account will be immediately available for use
The PayPal will be facing tough competition from Zelle as they are charging lesser price for the instant transaction service but PayPal will have the advantage as its app is quite concrete and solid which is not in the case of Zelle. The funds in the user’s bank account will be immediately available for use while shopping with PayPal and there will be no charges for the transfer of funds directly to the user’s bank account through the PayPal’s basic bank transfer functionality. But this service is going to take the time period of at least one business day.
The company is trying to make it simpler to transact from mobile phones
So now you can easily shop from your mobile phone and you can easily and immediately pay back to your family members or friends with your mobile device and there is no need to pull out your wallet now. This new scheme is actually a shift from PayPal being perceived among the users as the payment ecosystem adversary to an ecosystem which enables e banking and instant money transfer. The company is making efforts to radically make it quite simpler to transact from the mobile phones. It is also imparting wider choices to the customers with the customer choice initiative program.