Payment services firm PayPal (PYPL) - Get Report said on Tuesday that it will soon allow its U.S. users to instantly transfer money to their bank accounts through eligible debit cards linked to their PayPal account.
PayPal expects funds to be available in a person's bank account in a matter of minutes, although some may take up to 30 minutes.
The beta version of this service is currently available to select PayPal users and will be available to all U.S. PayPal users with eligible Visa (V) - Get Report or Mastercard (MA) - Get Report debit cards in the coming weeks and months.
"This new feature is another benefit to our customers that we're able to make possible through the partnerships we announced last year with Visa and Mastercard and our closer working relationship with the bank and card issuing ecosystem," PayPal COO Bill Ready said.
Shares of PayPal were moving lower during midday trading on Tuesday.
What's Hot On TheStreet
TheStreet's Lindsay Rittenhousewent shopping online at Ohio stores to see how Whole Foods stacked up against Walmart Stores Inc. (WMT) - Get Report and rival grocer Kroger (KR) - Get Report . While the results may not be shocking, they show just how much Amazon will have to cut for Whole Foods to be on equal footing with some of its competitors.
The cost of eight everyday food items at Whole Foods, TheStreet found, were nearly double those of the ones at Walmart, but Kroger undercut them both. Whole Foods' basket cost $38.29; Walmart's, $19.86; and Kroger's, $16.58.
With data as shocking as this, it's no wonder Whole Foods founder John Mackey is in love with Amazon.
Tesla's stock is out of control: Tesla Inc. (TSLA) - Get Report shares are expected to have a strong session amid reports Elon Musk's electric car baby may open a new production facility in China. Such a move would avoid tariffs in the world's second-largest economy, but risk the ire of U.S. President Donald Trump's "buy American, hire American" industrial policy, TheStreet's Martin Baccardax reports.
Tesla's market cap is now more than $60 billion and climbing, despite the company continuing to lose money. Ford's (F) - Get Report market clocks in at $44.7 billion, while General Motors (GM) - Get Report stands at $51.9 billion.
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