SAN JOSE, Calif.—PayPal has added a new feature to help it tap into a wider range of consumers.
The company has launched Instant Transfer, which will let those receiving money via PayPal instantly move that into their bank accounts to access as cash or however else they would like to use it, TechCrunch reported.
The service is now being rolled out to consumers in the U.S. and will be extended to businesses in the country in coming weeks. PayPal said it is working on how to extend it to other countries, TechCrunch reported.
Instant Transfer to a bank account comes to PayPal by way of a partnership in the U.S. it has with JPMorgan Chase, which has access to the real-time payments network built by The Clearing House, TechCrunch noted.