PayPal and Mastercard Extend Instant Transfer to Singapore & Europe
28 November 2019 - 4:17AM
Business Wire
- Through its long-standing partnership with Mastercard,
PayPal is extending its Instant Transfer solution to Singapore and
multiple European markets
- Through Mastercard Send,™ PayPal customers can transfer
funds from their PayPal wallets to their Mastercard cards in
real-time*
Following the success of its Instant Transfer feature in the
U.S., 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 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.i
Shari Krikorian, Senior Vice President, Products and
Innovation at Mastercard comments: “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, Global Markets and
Partnerships at PayPal comments: “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.
* Actual posting times for approved transactions will depend on
the receiving financial institution.
About Mastercard
Mastercard (NYSE: MA), www.mastercard.com, is a technology
company in the global payments industry. Our global payments
processing network connects consumers, financial institutions,
merchants, governments and businesses in more than 210 countries
and territories. Mastercard products and solutions make everyday
commerce activities – such as shopping, traveling, running a
business and managing finances – easier, more secure and more
efficient for everyone. Follow us on Twitter @MastercardNews, join
the discussion on the Beyond the Transaction Blog and subscribe for
the latest news on the Engagement Bureau
About PayPal
PayPal has remained at the forefront of the digital payment
revolution for more than 20 years. By leveraging technology to make
financial services and commerce more convenient, affordable, and
secure, the PayPal platform is empowering more than 295 million
consumers and merchants in more than 200 markets to join and thrive
in the global economy. For more information, visit paypal.com.
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https://www.mastercard.us/content/dam/mccom/en-us/documents/mastercard-send-debit-lift.pdf
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Ellie Fixter ellie.fixter@mastercard.com OR Emma Harvey
emma@seven-consultancy.com Robyn Margetts
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