PayPal is working on instant bank transfers

For over two decades now PayPal has been the champion of peer-to-peer payments. It was the first company to allows users to beam money to peers from one Palm Pilot to another, back in the 90’s. On an hourly basis, PayPal transacts over $7 million.

Given the recent advances in the instant money market, PayPal has finally set foot in this market. The payment service now helps users transfer cash to their bank accounts in a blink of an eye. A minimum transaction fee of 25 cents is levied for transfers. Funds would take a maximum of 30 minutes to reach the respective bank accounts. Unfortunately, the new transfer options are available to a select few customers, as it is still in its beta stage. Although, it is expected to be made available to the rest of the populace in the coming weeks.

This move is a celebrated one in the echelons of the digital community as PayPal is still the leader in peer-to-peer transactions. It makes it easier for everyone to transfer and receive funds. Nearly every shopping site on the web offers a PayPal option during checkout, the one-touch payment is a harbinger of joy for users who had to use other websites for these transactions.

This move was long been anticipated considering that people have shifted to alternatives like ‘Zelle’ for speedier transactions. With  PayPal entering the market with its own mobile app people are more likely to use it for speedier transfers while eliminating the middlemen wallets completely. Additionally, in the wake of Apple Pay, it is estimated that PayPal may take a few deadly hits. In order to curb the losses and regain the market from the competing apps, this is a welcome move which seeks to fully satisfy PayPal’s customer base.