According to media reports, PayPal mobile payment service Venmo has finally launched an instant transfer service that directly transfers money to bank accounts.
Venmo is understood to have launched an instant money transfer service last year, but only to eligible debit CARDS. And the latest instant transfers cost the same as standard bank transfers.
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Venmo is a mobile-based financial services platform that allows users to transfer money easily to others. The system offers a standard bank transfer option for free use for between 1 and 3 days. The company also offers an instant option that allows users to transfer money to their target debit card within minutes.
Venmo is an important application for PayPal. PayPal’s total payments in the fourth quarter of last year were $164 billion. Of these, the transaction income between individuals and individuals ranked second in total revenue contribution, with transactions amounting to $39 billion, or 24% of total payments. Venmo is a big part of trading revenues, with $19bn in deals.
Venmo’s instant money transfer service costs 1 percent, ranging from $0.25 to $10. Venmo has now added a third: instant transfers to bank accounts, not debit cards. This option is the same as the 1% fee and does not require an eligible Mastercard or Visa debit card.
While Venmo is rolling out the new service, it will take weeks to reach all of its users.
In addition, instant transfers can be made in minutes, but the company warns that some instant transfers can take up to half an hour, depending on the user’s bank.