Paypal Debuts ‘grant Payments’ To Shift Charitable Giving From Paper Checks To Electronic Transfers

Paypal Debuts ‘grant Payments’ To Shift Charitable Giving From Paper Checks To Electronic Transfers – In response to customer demand, PayPal today announced that users will now be able to transfer cryptocurrency from their accounts to other wallets and exchanges.

“This feature has been the most requested by users since we started offering crypto purchases on our platform,” said Jose Fernandez da Ponte, SVP and general manager of blockchain, crypto and digital currencies at PayPal.

Paypal Debuts ‘grant Payments’ To Shift Charitable Giving From Paper Checks To Electronic Transfers

Paypal Debuts ‘grant Payments’ To Shift Charitable Giving From Paper Checks To Electronic Transfers

The new feature allows PayPal customers to transfer supported coins to PayPal, transfer crypto from the app to external crypto addresses including exchanges and hardware wallets, and send crypto to other PayPal users “in seconds.”

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Customers are responsible for network fees on external transfers, which depend on the blockchain and vary by crypto asset. Internal Transfers – PayPal to PayPal – No Fees.

Paypal Debuts ‘grant Payments’ To Shift Charitable Giving From Paper Checks To Electronic Transfers

“If the user has crypto elsewhere and wants to integrate it, they can bring it to PayPal from an external address,” says Fernandez da Ponte. “You can send crypto to anyone in the PayPal system.”

PayPal gave users the ability to buy, sell, and hold crypto in October 2020. Then, in late March 2021, PayPal announced Checkout with Crypto, a feature that allows users to checkout at millions of online businesses using cryptocurrency. The feature expands on PayPal’s existing investments in the cryptocurrency market, including a partnership with Paxos to operate a service that allows customers to buy, sell and hold a variety of cryptocurrencies and derivatives. Cryptocurrency security initial curve. In last year’s Consensus, Fernandez da Ponte confirmed that it would give users the ability to move.

Paypal Debuts ‘grant Payments’ To Shift Charitable Giving From Paper Checks To Electronic Transfers

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“This is a natural shift for users looking to do more with their digital assets,” Fernandez da Ponte said this week. “We see ourselves as a bridge between the fiat or traditional financial environment and the Web 3 environment. We enable connectivity to wallets, exchanges and other applications.

Allowing customers to transfer crypto assets — like bitcoin, ethereum, bitcoin cash, or litecoin — in and out of PayPal is a step the company can’t take if it wants to keep growing. Don’t be in danger. Looking at the crypto adoption era and the fast moving fintech landscape.

Paypal Debuts ‘grant Payments’ To Shift Charitable Giving From Paper Checks To Electronic Transfers

And despite the recent turmoil in the crypto space, Fernandez da Ponte said PayPal is moving in this direction “because people are [still] embracing cryptocurrencies.”

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“This step shows that we are in this for the long term,” added Fernandez da Ponte. “I think it’s important to stay positive and keep investing in space.”

Paypal Debuts ‘grant Payments’ To Shift Charitable Giving From Paper Checks To Electronic Transfers

The new feature is only available to US users, and for security reasons, PayPal says it has implemented an additional identity verification process for users before they can transfer crypto. Beginning today, the rollout will be phased out to select US users and other “eligible” US customers – who complete the identity verification process – over the coming weeks.

PayPal may offer new features after moving from a “conditional” BitLicense to a “full” BitLicense following approval by the New York Department of Financial Services.

Paypal Debuts ‘grant Payments’ To Shift Charitable Giving From Paper Checks To Electronic Transfers

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NYDFS Superintendent Adrienne Harris said in a statement, “DFS is committed to placing New York at the center of responsible technological innovation and progressive regulation.”

My weekly fintech newsletter Interchange starts on May 1st! Sign up here to get it in your inbox. PayPal is getting into the charitable giving business by launching support for grant payments this morning, the company announced. Developed in partnership with the National Philanthropic Trust (NPT) and Vanguard Charitable, the new product enables Donor-Aided Fund (DAF) sponsors, community foundations and other grant providers to send donations electronically through the PayPal platform.

Paypal Debuts ‘grant Payments’ To Shift Charitable Giving From Paper Checks To Electronic Transfers

In addition to fast money transfer, the system includes an online grant payments dashboard available to grant givers and charities where they can view all grant details, including donor information that can be exported for easier record keeping. The dashboard also includes other details such as: B. the grant letter and terms and conditions that allow the organization to accept or decline the grant. If accepted, the money is available within one day. If rejected, the organization can state the reason and return the funds.

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The company points to the large charity market as a reason to enter this space with new products.

Paypal Debuts ‘grant Payments’ To Shift Charitable Giving From Paper Checks To Electronic Transfers

Citing data from the National Philanthropic Trust, grants from donor-recommended funds reached historic levels during the 2020 pandemic, with DAF grants totaling $34.67 billion at the time, a 27 percent increase from the corresponds to the previous year. It’s the biggest increase in a decade, PayPal said in an announcement. Additionally, Vanguard Charitable will send $1.78 billion and NPT $6.4 billion to charities in 2021. Although all of these payments are made by check.

Sending a check means relying on the postal service, and it requires resources, time, and expense to manage PO Boxes, cash checks, and make bank deposits. This can reduce the actual work to be done. PayPal believes the system, which today works similar to standard electronic payments, will allow charities to focus more on the task at hand rather than managing donations. Of course, PayPal itself also benefits from the flow of money through the payment network, which can be subject to various transaction fees.

Paypal Debuts ‘grant Payments’ To Shift Charitable Giving From Paper Checks To Electronic Transfers

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The company also notes that it has signed commercial agreements with grantees such as the National Philanthropic Trust and Vanguard Charitable to bring this new solution to the charitable community. It does not show the details of the agreement.

“We are excited to partner with PayPal and NPT to offer our donors and nonprofit partners innovative and efficient grantmaking solutions,” said Rebecca Moffat, President of Vanguard Charitable, in a statement. “Now more than ever, charities need ongoing donor support. By streamlining the grants process, donors can make a bigger impact – and faster – in areas where they make a difference. We look forward to continuing to bring innovative solutions to the supply chain and ensuring we continually work to grow our philanthropy and expand its impact over time.

Paypal Debuts ‘grant Payments’ To Shift Charitable Giving From Paper Checks To Electronic Transfers

Elaine Heisman, CEO of the National Philanthropic Trust, said in a separate statement that disbursing the grants will “simplify and expedite how grant-givers can obtain charitable funds for mission-critical programs.” “Partnering with PayPal and Vanguard Charitable on solutions in this sector can be critical to other funders and is very exciting,” added Heisman.

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Of course, this isn’t PayPal’s first foray into charity. The company has offered tools to facilitate charitable transactions for years. For example, in 2016, PayPal added a new button to its mobile app to connect users to thousands of PayPal Giving Fund-certified charities that were previously only available online. It then experimented with crowdfunding, launching a GoFundMe contest with crowdsourcing fundraising platform Generosity Network in late 2020. In addition to charity, PayPal also offers its own small business grants through Venmo.

Paypal Debuts ‘grant Payments’ To Shift Charitable Giving From Paper Checks To Electronic Transfers

Today, PayPal helps more than 600,000 nonprofit organizations fundraise and engages a community of more than 400 million users and merchants to get involved in charitable efforts.

The National Philanthropic Trust will begin disbursing grants this month, while Vanguard Charitable will begin offering the solution in 2023. The company says the grant payments will allow more than 200,000 PayPal-certified charities to receive funds immediately. Other charities can request more information by emailing PayPal at [email protected] PayPal has become the first foreign company to own 100 percent of its payments platform in China as the financial technology company spun off the rest of GoPay, according to a Reuters report on Thursday (Jan. 14).

Paypal Debuts ‘grant Payments’ To Shift Charitable Giving From Paper Checks To Electronic Transfers

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PayPal acquired a 70 percent stake in GoPay, formerly known as Guofubao Information Technology, in late 2019. At the time, PayPal said it was FinTech’s first overseas online payments platform.

“This important step will allow us to become a strong partner for China’s financial institutions and technology platforms,” ​​said Dan Shulman, PayPal’s President and CEO, as the company made its debut in China.

Paypal Debuts ‘grant Payments’ To Shift Charitable Giving From Paper Checks To Electronic Transfers

John Rainey, PayPal’s chief financial officer, added that the company is looking to do more business in China. “There are many opportunities for companies to acquire inorganically,” he said.

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GoPay is licensed for digital and mobile transactions and works like PayPal. The payments market in China is currently dominated by payment giants like Alipay, owned by Alibaba spin-off Ant Group, and WeChat Pay, owned by Tencent Holdings.

Paypal Debuts ‘grant Payments’ To Shift Charitable Giving From Paper Checks To Electronic Transfers

According to the Global Times, shareholder data showed that information technology company Cofortune has now sold its 30 percent stake in GoPay.

Financial details were not disclosed in the data, suggesting the deal was sealed on Dec. 31, Reuters reported. PayPal declined to comment.

Paypal Debuts ‘grant Payments’ To Shift Charitable Giving From Paper Checks To Electronic Transfers

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The latest GoPay purchase comes amid Beijing regulators’ crackdown on Ant Group. And competition in the booming online payments market could intensify.

“We see ourselves as China’s PayPal in cross-border business,” said Bill Deng,

Paypal Debuts ‘grant Payments’ To Shift Charitable Giving From Paper Checks To Electronic Transfers

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