Visa and Paypal announced the extension of their global partnership which will expand real-time access to funds for consumers and small businesses that are sending or receiving money via PayPal, Venmo or Xoom.
The partnership programs will be rolled out globally over the coming months with a particular focus on expanding the reseller capabilities, new use cases and enabling new markets around the globe.
This collaboration expands PayPal’s Instant Transfer service, which leverages Visa Direct for real-time payment capabilities, to global markets and enables fast domestic and cross-border digital payments.
The global partnership will enable PayPal to extend global white label Visa Direct payout services through PayPal and its Braintree, Hyperwallet and iZettle product solutions. This expansion follows the successful launch of the Instant Transfer service across North America and other markets in Asia Pacific and Europe.
“Sending money to loved ones or giving small businesses real-time access to earnings is critical during these challenging times,” said Jack Forestell, CPO, Visa. “By partnering with PayPal on a global scale, we are bringing together two trusted brands to provide hundreds of millions of consumers and small businesses globally with quick and secure payment options that can help them maintain financial stability.”
“Digital is quickly becoming the preferred way for people and businesses to move money,” said Jim Magats, SVP Omni Payments, PayPal. “While the global pandemic has dramatically accelerated the shift to digital, we see this move to digital as a long-term change that will outlast the pandemic. We’re excited to expand our partnership with Visa to help more customers around the world get faster access to their funds, which is all the more critical during these challenging times.”
Eligible PayPal, Braintree, iZettle and Hyperwallet merchants will be able to access their money quickly and efficiently, eliminating the need for paper-based processes that can delay quick access to funds.
