PayPal is introducing a new way for people to send money through personalized, one-time links for peer-to-peer payments. This new system, called PayPal Links, complements the existing PayPal Me feature. PayPal Me will continue to exist as a way to share your profile information to make it easier for others to find and pay you.
The company explains that PayPal Me links are not payment requests tied to a specific amount until the receiver inputs the sum they plan to pay. These links were traditionally used only to get paid. The new PayPal Links, however, allow customers to either request or make a payment. A user selects the link option, inputs the amount, and then copies the link into a conversation. This makes the feature more useful for one-time payments directly with another person without needing to identify and verify their profile or account information. The process involves fewer steps, making payments faster.
In addition, PayPal Links will soon be able to support cryptocurrency in the U.S. This will allow users to send Bitcoin, Ethereum, PYUSD, and more to PayPal, Venmo, and other digital wallets that support crypto and stablecoins.
The feature will first be available to users in the U.S., but will expand later this month to other markets, including the U.K. and Italy.
To create a PayPal Link, users open the PayPal app and enter the details of the payment or request to generate a unique, one-time link. This link is private and is associated with just that single transaction.
These PayPal Links can then be used in online conversations, texts, and DMs where money, costs, and purchases are being discussed. Any unclaimed links expire after 10 days, though users can send out a reminder or cancel the payment link at any time.
The recipient taps the link to complete the request or to accept the payment in the PayPal app, where funds are transferred instantly. Personal payments remain exempt from 1099-K reporting.