PayPal adds new one-to-one payment links that will soon support crypto | TechCrunch

PayPal is introducing a new way for people to send money to each other through peer-to-peer (P2P) payments through personalized one-time links. The system is called PayPal Links and the existing feature for the company is called PayPal ME, which will continue to exist to share your profile information and make it easier to find and pay.

The company explained that the PayPal ME link is not a payment request related to a specific amount – at least until the recipient enters how much they intend to pay.

PayPal ME link is only used to get paid. However, the new PayPal link allows customers to request or pay to others by selecting the link option, entering an amount, and then copying the link into a conversation. This makes the feature more useful for making payments or requests directly with others without the need to identify and verify their profile or account information. As a result, fewer steps are involved, making payments faster.

Additionally, PayPal links will soon be able to support cryptocurrencies in the United States, allowing users to send Bitcoin, Ethereum, PYUSD, etc. to PayPal, Venmo and other digital wallets that support cryptocurrencies and StableCoins.

The feature will be available to users in the U.S. first, but will be expanded to other markets including the UK, Italy and elsewhere later this month.

To create a PayPal link, the user opens the PayPal app and enters the payment details or requests to generate a unique one-time link. This link is private and is only associated with the transaction.

These PayPal links can then be used in online conversations, texts and DMS discussing money, costs and purchases. After 10 days, any unclaimed link will expire, although users can send reminders or cancel payment links at any time when needed.

The recipient clicks on the link to complete the request or accepts payment in the PayPal app and the app transfers funds immediately.

The company noted that individual payments are still exempt from the 1099-K report.