SAN JOSE, Calif.—PayPal has finally rolled out its Instant Transfer feature on Venmo.
PayPal first announced that support would be coming last summer. The option allows Venmo users to pay an extra 25 cents to deposit funds to their debit cards in a matter of minutes rather than days, The Verge reported.
Instant Transfer promises to transfer funds to a person’s account within 30 minutes even on holidays and weekends. A free option will still remain for those who don't mind waiting the one to three days for payments to process, The Verge said.
Venmo instant transfers will only work with Visa and Mastercard debit cards. The move comes after major U.S. banks formed an alliance and launched Zelle, a competing peer-to-peer payment processing service that offers instant withdrawals for free and does not charge for transfers between different banks, The Verge noted.