PayPal, now with 19.5 million businesses and 250 million customers using its payment rails to sell and buy goods and services, is today taking the wraps off a new feature that it hopes will bring more transactions to its platform. The company is launching Funds Now, instant payouts to businesses using PayPal for their transactions.
The feature will come as standard to all companies in good standing with PayPal — that is, with no complaints or fraud flags on their accounts. It’s eventually going to be rolled out globally, although at first it will go live in the US, UK and Australia, where PayPal has already rolled out a pilot of the service to 1 million customers. There is no upper or lower limit on FundsNow payouts, and they will apply to any payments made via PayPal, mobile or otherwise.
