PayPal has introduced personalized, one-time links designed for receiving and sending money. These links can be shared in digital conversations to facilitate payments easily.
In the United States, users now have the ability to create customized payment links, aiming to simplify transactions and attract more customers by expanding its user base. Expansion into territories like the UK, Italy, and others is scheduled for later this month.
Pay-by-Link from PayPal
Crypto will be seamlessly integrated with PayPal’s application, enhancing the peer-to-peer experience by allowing users in the US to send Bitcoin, Ethereum, PYUSD, and other cryptocurrencies directly within the app.
This move ensures that P2P transfers via Venmo and PayPal remain exempt from 1099-K reporting, preventing personal payments from being taxed. This includes gifts, split expenses, or reimbursements.
To use the new feature, users can open the app, input payment details or request a payment, generate the unique link, and share it via email, messaging, or text. Each link is private to a specific transaction and can be shared anywhere.
If not claimed within ten days, the link will expire. Users can send reminders or cancel the payment before it’s claimed in the app. Recipients can claim the link by tapping or clicking on it and then filling out details or accepting the payment with their PayPal account. Once accepted, they gain immediate access to their funds through a PayPal Balance account.
