Mobile payments and peer-to-peer digital transaction may be the hotness these days, but at the end of the day, all that money needs to be in the right place at the right time. PayPal‘s trying to make that happen faster as it announced a brand new option for its US customers.
They’ll soon be able to transfer PayPal funds way faster than it usual takes to their bank account through their Visa or Mastercard debit or credit card. How fast? Compared to the typical one business day waiting period (or two, in some cases), funds may be available anywhere from a few to up to 30 minutes. There’s a catch, though: its 25 cents per instant transfer.
You can still opt for the usual and free transfer option if you’d like, but for those coordinating an ATM run but need some actual money to do so, they won’t have to suffer about PayPal’s sluggishness anymore. Now, if only it actually worked on integrating PayPal link to its own P2P service, Venmo — after all, Xoom freaking has it. Oh, speaking of Venmo, CNET reports that the app will get a similar feature over the summer.
Select users have the feature right now as a beta, but all we have is “weeks and months” for the rest of us.