PayPal Adding Crypto to Peer-to-Peer Payments, Allowing Direct Transfer of BTC, ETH, Others

Payments firm PayPal (PYPL) said it is expanding its peer-to-peer service by adding cryptocurrency transfers to its payment flow, the company announced on ￰0￱ in the ￰1￱ soon be able to send bitcoin (BTC), ether (ETH), PayPal's dollar stablecoin PYUSD and other digital assets across PayPal, Venmo and an increasing number of crypto-compatible wallets worldwide, the firm said in a Monday press ￰2￱ integration arrives alongside "PayPal links," a new tool that lets users generate a one-time personalized link to send or request ￰3￱ links can be dropped into text messages, chats or email, embedding payments into everyday ￰4￱ transfers between friends and family will remain exempt from IRS 1099-K tax reporting requirements, meaning gifts, reimbursements and shared expenses won’t generate tax forms even if crypto is involved in the transaction, the firm ￰5￱ company said the move builds on "PayPal World," its new interoperability initiative aimed at connecting the largest digital wallets and payment systems.

Peer-to-peer payments are a key growth driver, with consumer payment volume climbing 10% in the second quarter ￰6￱ July, the firm said to expand crypto payments for ￰7￱ as part of its deeper push into global digital currency ￰8￱ more: PayPal Expands Crypto Payments for ￰9￱ to Cut Cross-Border Fees