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Visa, PayPal launch instant transfers to consumers, small businesses in Canada

Visa announced a new feature being rolled out in Canada with PayPal, called Instant Transfer, that allows consumers and small businesses in that market to get instant access to funds. 

The companies said the Instant Transfer feature, backed by the Visa Direct push payments technology, allows customers to move funds from their PayPal accounts to their bank accounts through a Visa debit card. 

"Visa wants to empower consumers and small businesses to be able to move their money where they want, when they want and how they want," Brian Weiner, vice president and head of product, Visa Canada, said in a company release. "Visa Direct is providing millions of Canadians more convenient ways to access their funds, and we are pleased to be partnering with PayPal to bring this capability to our mutual customers."

Instant Transfer is widely available to consumers and is currently available to select PayPal small business customers in Canada. Wider release is scheduled for the next few months.