PayPal has announced the addition of PYUSD, Ethereum (ETH), and Bitcoin (BTC) to its latest peer-to-peer (P2P) payment system, PayPal Links, which are personalised, expiring links. It allows users to send and receive money easily within messages, conversations, and social media platforms.
With its US-based innovation and quick expansion into the UK and Italy, the world’s leading payment company is at the forefront of integrating cryptocurrencies into everyday financial transactions.
Crypto Payments Using PayPal P2P
The company’s customers can now transfer and receive Bitcoin, Ethereum, and PYUSD directly through the PayPal app, utilizing its special PayPal Links feature.
The move brings cryptocurrency into the realm of regular commerce. According to the September 15 press release, personal transfers made using PayPal and Venmo are still exempt from onerous tax reporting requirements. As noted, friends and family transfers do not require a 1099-K.
With the new product, businesses can now accept over 100 cryptocurrencies. These would be for settlement, as well as for convenience and flexibility. Furthermore, users can easily convert these cryptocurrencies to fiat or stablecoins.
Bringing DeFi and Traditional Finance Together
The action taken goes beyond straightforward money transfers. By carefully bridging the divide between cryptocurrency and traditional finance, it enables millions of users to transact with digital assets through reliable payment systems.
“For 25 years, PayPal has revolutionized how money moves between people. Now, we’re taking the next major step,” Diego Scotti, General Manager, Consumer Group at PayPal, maintained in a statement.
Since the debut of the company’s dollar-pegged stablecoin, PYUSD, the corporation has connected its ecosystem to millions of wallets. PYUSD may soon directly compete with USDT and USDC, according to analysts, and emerge as a favoured stablecoin for institutional and retail flows.
With PayPal’s crypto leadership likely influencing market sentiment and the direction of payment networks, we can expect more functionality and geographic expansion in the future.
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