PayPal and Mastercard recently announced the expansion of instant transfer service, Mastercard Send, to Mastercard cardholders in Singapore and a number of European countries. The duo claims that the service has been successful in the U.S.
According to PayPal and Mastercard, Mastercard Send is described as an app that users the card network infrastructure to facilitate the secure availability of funds in real-time. With the service, PayPal users can transfer their account balances to eligible Mastercard cards seamlessly and conveniently, typically within seconds.
“Since sales proceeds are available immediately, Instant Transfer allows PayPal’s business users to optimize cash flow and improve liquidity. Mastercard issuers could see increased consumer engagement as a result of the Instant Transfer feature in the PayPal wallet.”
While sharing more details about the expansion, Shari Krikorian, Senior Vice President of Products and Innovation at Mastercard, stated:
“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. 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.”
Jennifer Marriner, Vice President of Global Markets and Partnerships at PayPal, added:
“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.”