PayPal began piloting an instant cash-out offering for its peer-to-peer (P2P) payment offerings, including Venmo, according to TechCrunch.
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Paypal has a new weapon in the P2P payments battle (PYPL)
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The service, which is currently in a limited beta, will allow the majority of Visa or MasterCard debit cardholders to opt to cash out their wallet balance to their bank account via their debit card in real time, ranging from a few minutes to a half hour, for a 25-cent fee. Currently, transfers are free, but take up to 24 hours. The service should be arriving to all users, who can choose between the free or paid option, in the “coming weeks and months.”
This provides two core benefits to PayPal.
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Jaime Toplin, research analyst for BI Intelligence, Business Insider's premium research service, has compiled a detailed report on mobile P2P payments that:
You can also purchase and download the full report from our research store. >>
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