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Briefing
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- Instant Bank Transfers – PayPal launching instant bank money transfers for U.S. clients using bank accounts supported by MasterCard and Visa debit cards
- Service Details – Delivers funds to bank accounts typically in minutes, with some banks taking up to 30 minutes, and costs $0.25 per transaction, regardless of amount
- Commercial Availability – Currently limited to selected PayPal users only, with wider availability to both Paypal and Venmo users expected in coming months of 2017
- Intensifying Competition – Include Square Cash, which charges one percent fee for similar service, Zelle, new service provider backed by over 30 U.S. banks and Apple's peer-to-peer payment system through iMessage which will launch in fall 2017
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Market Disruption
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Sector
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Financial Services
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Organization
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PayPal Inc.
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Source
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Original Publication Date
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June 20, 2017
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