Payments Firm PayPal (PYPL) said it is expanding its peer-to-peer service by adding cryptocurrency transfers to its payment stream, the company announced on Monday.
Users in the US will soon be able to send Bitcoin ether (Eth)PayPal’s dollar stableecoin Pyusd and other digital assets across PayPal, Venmo and an increasing number of crypto-compatible wallets around the world, the company said in a press release on Monday.
The integration arrives together with “PayPal Links”, a new tool that allows users to generate a one -person link to send or request money. The links can be dropped in text messages, chats or e -mail, embedding payments in everyday conversations.
Personal transfers between friends and family will remain exempt from the IRS 1099-K Tax Reporting Requirements, which means that gifts, reimbursement and shared expenses do not generate tax forms even though crypto is involved in the transaction, the company says.
The company said the move is based on “PayPal World”, its new interoperability initiative aimed at connecting the largest digital wallets and payment systems. Peer-to-peer payments are an important growth driver with consumer payment volume that climbs 10% in the second quarter over year. In July, the company said to expand crypto payments for US merchants as part of its deeper push in global digital currency payments.
Read more: PayPal is expanding crypto payments for US merchants to reduce cross -border fees
