PayPal has announced a new peer-to-peer payment system that will let users in the United States send Bitcoin, Ethereum, and PayPal USD (PYUSD) directly in its app. The service will also expand to Venmo and global wallets later this month.
Diego Scotti, General Manager of PayPal’s Consumer Group, said, “For 25 years, PayPal has revolutionized how money moves between people. Now, we’re taking the next major step.”
The update builds on PayPal Links, a feature launched earlier this year that allows one-time personalized payment links. These links can be shared in texts, emails, or chats and expire after ten days if not claimed.
With crypto support added, PayPal says sending digital money will be as easy as sending a text message. Transfers appear instantly when accepted, giving users simple access to funds through their PayPal dashboard.
PayPal stressed that personal transfers between friends or family, such as gifts, reimbursements, or shared bills, will not trigger 1099-K tax reporting. This applies to both PayPal and Venmo, keeping personal payments separate from business transactions.
Notably, the company reported a 10% rise in payment volume during the second quarter, while Venmo recorded its fastest growth in three years.
According to the press release, merchants connected to PayPal can now accept more than 100 cryptocurrencies for settlements.
This widens the company’s role in digital transactions and places its stablecoin, PYUSD, at the center of the rollout. Issued by Paxos Trust Company, PYUSD is fully backed by U.S. dollars and Treasuries. Scotti added, “Whether you’re texting, messaging, or emailing, now your money follows your conversations.”
PayPal is also launching PayPal World, a platform designed to connect leading digital wallets worldwide. The company believes this will attract more users by making payments simple across apps and borders. As rivals like Ripple test stablecoin transfers, PayPal aims to stay ahead by weaving crypto into daily life.
Also Read: BitMine Boosts Ethereum Holdings to $10.8B As Stock Soars
