The Paypal said users in the U.S. will soon be able to send bitcoin, ether and its own PYUSD stablecoin directly across accounts as part of the company’s crypto payment push.
What to know about Paypal in this movement
PayPal is expanding its peer-to-peer service to include cryptocurrency transfers, allowing U.S. users to send digital assets like bitcoin and ether across PayPal, Venmo, and other crypto-compatible wallets.
The new “PayPal links” feature enables users to create personalized links for sending or requesting money, which can be shared via text, chat, or email.
Personal transfers between friends and family using crypto will not trigger IRS 1099-K tax reporting requirements, keeping gifts and reimbursements tax-free.
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 Monday.
Users in the U.S. will soon be able to send bitcoin BTC, 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 release.
The integration arrives alongside “PayPal links,” a new tool that lets users generate a one-time personalized link to send or request money. The links can be dropped into text messages, chats or email, embedding payments into everyday conversations.
Personal 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 said.
The 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 year-over-year. In July, the firm said to expand crypto payments for U.S. merchants as part of its deeper push into global digital currency payments.
Summary of Paypal move this time.
PayPal is expanding its peer-to-peer payments to include cryptocurrencies — U.S. users will be able to send Bitcoin (BTC), Ether (ETH), PayPal’s stablecoin PYUSD, and others directly between accounts.
This will work across PayPal, Venmo, and “crypto-compatible wallets.”
Other Features: A feature called “PayPal links” will let users create personalized links to send or request money, shareable via text, email, or chat.
For transactions between friends and family, using crypto will not trigger IRS 1099-K tax reporting — so gifts, reimbursements, shared expenses remain tax-free.
Strategic Context: This step supports PayPal’s larger “PayPal World” initiative aimed at making wallets and payment systems more interoperable.
Peer-to-peer payments are already a growth area: PayPal’s consumer payment volume rose ~10% year-over-year in Q2.
Reference: Bitcoin.com News
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