Just one day shy of Canada day, Visa and PayPalinked a deal to enable Canadian consumers to instantly access funds via Instant Transfer, a tool PayPal launched in the U.S. earlier this year.
While the U.S. service is powered via a partnership with JPMorgan Chase, PayPal’s Instant Transfer in Canada is powered by Visa’s push payments system, Visa Direct. The Canadian rollout of the new tool uses Visa debit card rails to move money from a customer’s PayPal account to their bank account in real time.
President of PayPal Canada Paul Parisi said that the company is focused on creating efficiencies for customers. “Instant Transfer is just one more way we are giving control and flexibility to our customers, allowing them to send and spend their money on their own terms,” he added.
The launch of Instant Transfer is expected to offer gig economy workers faster access to their earnings, which often are paid via PayPal or Venmo. The tool will also help PayPal compete with Zelle, a bank-owned P2P money transfer tool (and PayPal competitor) which relies on ACH to move funds, a process which often takes three days to complete.
PayPal charges the same for its Instant Transfer service as it does for its debit card transfer. Users pay one percent of the transaction up to $10.
PayPal was founded in 1998 and has a market capitalization of $138 billion. The company showcased its Instant Account Creation feature at FinovateFall 2012.
Visa demoed at FinovateSpring 2010 and also showcased at our developers conference in 2014. The company has 39 APIs that offer developers tools for commercial payments, data and analytics, identity an security, offers and benefits, payments, and more.
With the launch of the PayPal eCommerce PlatformPayPalannounced this week, the alternative finance provider will be helping small businesses gain access to ecommerce tools typically reserved for larger businesses.
In the company’s blog post announcement, COO Bill Ready said, “The PayPal Commerce Platform is designed to meet the specific needs of marketplaces, e-commerce solution providers, crowdfunding platforms and more by bringing together the most comprehensive set of technologies, tools, services, and financing for businesses of all sizes around the globe.”
With the new tool, businesses can access PayPal’s 277+ million active users. They can also operate on a more global scale, leveraging PayPal’s capability to accept more than 100 currencies. Perhaps most notably, however, the PayPal eCommerce Platform takes care of two headaches– compliance and security. Changing regulatory compliance mandates and constantly evolving security standards can make it difficult for businesses to keep up. PayPal’s eCommerce Platform meets demands regulators across 200+ markets and provides AI-powered fraud detection tools.
Previously, these tools were reserved for leading platforms such as BigCommerce, Facebook Marketplace, Instagram, Lightspeed, and Yahoo! Small Business. PayPal eCommerce Platform enables more businesses, and ultimately more people, to participate in the digital economy. “We want to help more businesses get started, grow and thrive in today’s complex digital world. It’s that simple,” said Ready.
This week’s launch may have something to do with the company’s back-to-back acquisitions made last year. Last June PayPal purchased merchant payout platform HyperWallet for $400 million and just weeks later acquired fraud prevention and risk management specialist Simility for $120 million.
PayPal Commerce Platform is available in France, Germany, Italy, Spain, the United Kingdom, and the United States. The company hopes to expand it to more than 40 markets by the end of this year.
PayPal was founded in 1998 and has a market capitalization of $134.6 billion. The company showcased its Instant Account Creation feature at FinovateFall 2012.
Swedish open banking solution provider Tinkannounced today that PayPal is its latest investor and customer. In a blog post sharing the news, the Swedish company called the investment and partnership a “major vote of confidence in our tech and an indicator of the strength of the open banking movement in Europe.”
Today’s investment from PayPal adds $11.2 million (€10 million) to Tink’s capital, boosting the fintech’s funding total to more than $105 million. As Tink’s newest partner, the payments giant plans to leverage Tink’s account aggregation technology to enable its European customers to connect their bank accounts to their PayPal accounts.
“It’s a testament to the versatility of our technology,” the company wrote on its blog on Tuesday, “it can be implemented to improve a range of use cases for businesses big and small.”
Offering account aggregation and payment initiation services via a single, API integration – as well as data enrichment and categorization and PFM services – Tink empowers fintechs to maximize the opportunities of open banking. More than 1,400 developers are using Tink’s API platform to access financial data from hundreds of banks and financial institutions in markets across Europe. This access is paving the way for what the company called “the next generation of financial services.”
VP of global markets and partnerships for PayPal, Jennifer Marriner echoed Tink’s enthusiasm for the transformative potential of open banking. “Tink has developed the infrastructure and data services for this new financial world – and we’re excited to work together to continue to democratize financial services,” she said.
Today’s funding will help drive Tink’s continued expansion across Europe. In recent months, the fintech has partnered with NatWest in the U.K., Mash in Finland, and Lunar Way in Denmark. The company began the year with both a big funding – picking up $63 million (€56 million) in a round led by Insight Venture Partners – and a big expansion, going live in five new European markets. Tink demonstrated its API platform at FinovateEurope earlier this year. Founded in 2012, the company has 150 employees and 500,000 users of its PFM app.
PayPal and BraintreepresentedMaking Payments Fun at our developers conference, FinDEVr Silicon Valley, in 2014. PayPal also demonstrated its Instant Account Creation solution at FinovateEurope 2012. Trading on the Nasdaq under the ticker symbol PYPL, PayPal has a market capitalization of $127 billion. The San Jose, California-based company was founded in 1998.