The feature is available to eligible small business and consumer customers of PayPal Australia
PayPal Australia has announced a new feature enabling instant transfers from PayPal balance to eligible Australian bank accounts and Visa debit cards.
The new feature uses the New Payments Platform (NPP) via access provided by PayPal Australia’s banking partner, the National Australia Bank (NAB) and leverages Visa Direct for real-time payment capabilities to eligible Visa debit cards.
According to the press release, PayPal is the first major payment platform in Australia to enable instant transfers using the NPP and Visa Direct. It allows funds to arrive within a minute.
Standard transfer processing can take up to three days in Australia depending on the receiving bank’s clearing process.
The feature is available for transfers of $2 with maximum transfer amounts individually calculated based on the profile of each consumer or small business and their trading history on the PayPal platform.
There is a fee of 1% to use the feature, which is capped at $10. Customers can easily accept or decline to use the instant transfer option as the fee is transparently disclosed.
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