PayPal, a longtime alternative to directly using payment cards, cash and bank transfers to make payments for goods online and in stores with 267 million individual customer accounts and 21 million merchant accounts, is today adding in a new feature to help it tap into a wider range of customers such as gig economy workers and use cases — in competition not just against banks, but also younger upstarts like Stripe, Square and others chasing the same business. PayPal is launching Instant Transfer to bank, which will let those receiving money via PayPal instantly move that into their bank accounts

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