Visa Inc (NYSE: V) announced on Thursday it has extended its partnership PayPal (NASDAQ: PYPL) to the provider what it believes is faster access to funds around the world. The partnership expansion notably follows the successful launch of the Instant Transfer service across North America, as well as other markets in Asia Pacific and Europe.
Visa reported that through the global partnership, PayPal will be able to extend global white label Visa Direct payout services through PayPal and its Braintree, Hyperwallet and iZettle product solutions. Visa also noted that through its collaboration with PayPal, eligible PayPal, Braintree, iZettle and Hyperwallet merchants will be able to access their money quickly and efficiently, eliminating the need for paper-based processes that can delay quick access to funds. Speaking about the partnership expansion, Jack Forestell, CPO of Visa, stated
“Sending money to loved ones or giving small businesses real-time access to earnings is critical during these challenging times. By partnering with PayPal on a global scale, we are bringing together two trusted brands to provide hundreds of millions of consumers and small businesses globally with quick and secure payment options that can help them maintain financial stability.”
Visa added that the partnership programs will be rolled out globally over the coming months with a particular focus on expanding the reseller capabilities, new use cases, and enabling new markets around the globe.