PayPal is expanding its peer-to-peer (P2P) payment services by allowing users to send and receive cryptocurrency.
With this update, users will be able to transfer digital assets, such as Bitcoin
As part of the rollout, PayPal introduced a feature called PayPal Links. This tool enables users to create a one-time link that can be shared via text, email, or messaging apps.
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The goal is to make it easier to request or send money without needing to exchange usernames or phone numbers. The feature is starting in the United States and is expected to expand to the United Kingdom, Italy, and other regions later this year.
The new crypto features will support transfers between PayPal and Venmo accounts, as well as to and from external wallets that support compatible cryptocurrencies.
PayPal noted that these personal transfers will not lead to a 1099-K tax form being issued. These types of payments are generally considered non-taxable under current US tax rules.
Both the personalized links and the crypto transfer option are being launched under a new initiative called PayPal World. This program is meant to improve how digital wallets and payment platforms connect with each other, especially across different countries.
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