Following the success of its Instant Transfer feature in the US, PayPal and Mastercard recently extended the service to Mastercard cardholders in Singapore and a number of European countries.
Mastercard Send is an application that leverages the card network infrastructure to facilitate the secure availability of funds in real-time*. With Mastercard Send, PayPal users can transfer their account balances to eligible Mastercard cards seamlessly and conveniently, typically within seconds*.
Since 2017, this service has allowed millions of Mastercard cardholders to transfer their PayPal balances to an eligible Mastercard card.
Since sales proceeds are available immediately*, Instant Transfer allows PayPal’s business users to optimise cash flow and improve liquidity. Mastercard issuers could see increased consumer engagement as a result of the Instant Transfer feature in the PayPal wallet.
Deborah Heng, country manager of Mastercard in Singapore, said, “The continuous partnership with PayPal and the wider roll-out of Mastercard Send in Singapore brings greater convenience and options to Mastercard cardholders here, while offering operational efficiencies for businesses. With a simple setup and click of a button, consumers and businesses in Singapore can instantly transfer funds across multiple markets from their PayPal wallets to their Mastercard cards, facilitating the flow of cash securely in real time, wherever and whenever.”
Jennifer Marriner, vice president of the global markets and partnerships at PayPal commented, “Providing instant access to funds requires innovation and partnership within the financial industry in order to deliver an ideal customer experience. 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 will launch its Instant Transfer with Mastercard Send in Singapore followed by multiple European markets.
*The actual posting times for approved transactions will depend on the receiving financial institution.
Re-disseminated by The Asian Banker