Following the success of its Instant Transfer feature in the U.S., PayPal and Mastercard recently extended the service to Mastercard cardholders in Singapore and a number of European countries.
Mastercard Send™ is an application that leverages the card network infrastructure to facilitate the secure availability of funds in real-time*. With Mastercard Send™, PayPal users can transfer their account balances to eligible Mastercard cards seamlessly and conveniently, typically within seconds*. Since 2017, this service has allowed millions of Mastercard cardholders to transfer their PayPal balances to an eligible Mastercard card.
Since sales proceeds are available immediately*, Instant Transfer allows PayPal’s business users to optimize cash flow and improve liquidity. Mastercard issuers could see increased consumer engagement as a result of the Instant Transfer feature in the PayPal wallet.i
Shari Krikorian, Senior Vice President, Products and Innovation at Mastercard comments: “We are excited to partner with PayPal on its wider roll-out of Instant Transfer to more users in more markets beyond the U.S. This extension to our long-standing partnership with PayPal is another example of how we are leveraging our joint expertise and focusing on innovation to help even more people access their money quickly and easily.”
Jennifer Marriner, Vice President, Global Markets and Partnerships at PayPal comments: “Providing instant access to funds requires innovation and partnership within the financial industry in order to deliver an ideal customer experience. At PayPal, we are constantly innovating and working with important partners like Mastercard to deliver on these innovations. By expanding Mastercard Send into new countries it adds another choice for our customers to access their money even faster.”
PayPal will launch its Instant Transfer with Mastercard Send™ in Singapore followed by multiple European markets.
* Actual posting times for approved transactions will depend on the receiving financial institution.
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. Our global payments processing network connects consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau
PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering more than 295 million consumers and merchants in more than 200 markets to join and thrive in the global economy. For more information, visit paypal.com.