PayPal has launched PayPal.Me, a personal link that will make it easier to receive money from colleagues, friends or anyone else. With the new peer-to-payment service, it will be much faster for people to get paid back.
Instead of chasing people, PayPal.Me users could just email their link to his or her friend, who will then return money through their PayPal accounts. It will eliminate the need to carry out awkward and uncomfortable face-to-face conversations.
The users can personalize the PayPal.Me link with their names and send it to a group of co-workers or friends for getting repaid quickly. The service works on any device, including computers, mobile phones and tablets.
The whole process takes just a couple of steps. At first, you should share your link via email, social media post, blog, instant messenger or anywhere else. Recipients then click the link, enter the amount of money and send them to your PayPal account.
After the registration, users can add specific amount of money they want to request to the end of the link. For instance, the link “paypal.me/username/50” means the users requests $50.
The recent investigation on consumer behavior toward money and payments, conducted by PayPal in the US, Canada, Germany and Australia, revealed that the total amount of money owed to the participants in four countries totals over $51 billion. About half of the respondents consider it embarrassing and awkward to chase their friends or family in order to get their money back.
However, the new PayPal.Me service will help to solve this problem as it will be much easier to return their money.
The feature is now available in 18 countries, including the UK, Canada, the US, Germany, Australia, Russia, Turkey, Austria, France, Italy, Spain, Poland, Sweden, Belgium, Norway, Denmark, Netherlands and Switzerland.
Money transfers between users in the UK will be completely free. As for customers in the US, funds sent from a bank account or PayPal balance will not be charged.
Although PayPal.Me doesn’t allow its users to send bitcoins, the company itself started accepting payments in digital currency last year. Moreover, it is discussed that the company is studying the potential applications of the blockchain technology to improve the speed of payments.
This is not the only PayPal’s peer-to-peer payment service. The company’s social app, called Venmo, works in a similar way, allowing people to share payments, like bills or cab fare. Still, the app is available only in the US.
The other similar services launched during the last months include Square Cash and Google’s Android Pay.