Partnerships / Acquisitions

PayPal Expands Instant Transfers With Mastercard

PayPal, Mastercard, Instant Transfer, Singapore, Europe, News

PayPal has extended its Instant Transfer feature into Singapore and Europe, according to a press release.

The feature, which is in partnership with Mastercard, allows for customers to transfer funds from their PayPal accounts to their Mastercards in real time.

“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.,” said Shari Krikorian, senior vice president of Products and Innovation at Mastercard. “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.”

The application is called Mastercard Send, and it uses the card company’s infrastructure to make the transfer happen. Transactions typically take seconds.

The feature has been available since 2017 and used millions of times.

“Providing instant access to funds requires innovation and partnership within the financial industry in order to deliver an ideal customer experience,” said Jennifer Marriner, vice president of Global Markets and Partnerships at PayPal. “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 has also partnered with Discover to allow customers to use the credit card’s Cashback Bonus or Miles to buy things with the payment company.

Once the accounts are linked, Discover customers can pay for purchases at millions of online stores using PayPal, and instantly redeem any amount of accumulated rewards.

“We want to make it as easy as possible for our card members to redeem their rewards, especially by partnering with merchants where our Discover card members love to shop,” said Shannon Kors, vice president of Card Rewards and Benefits at Discover. “Our customers loved seeing PayPal added to this year’s categories in the 5 percent Cashback program. Now they can spend the rewards they earned with PayPal and have more choices when they pay.”

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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