"The Generosity Network was designed to provide an accessible, easy and secure way for our customers to raise money on behalf of causes, and connect them with millions of PayPal customers who can offer their support this holiday season and beyond," said Oktay Dogramaci, VP of giving for PayPal.
The company offers three ways customers can give back.
- Donate while you shop
- Donate your credit card rewards using Pay with Rewards program
- Donate with PayPal Giving Fund
PayPal started the network as an upgrade to Money Pools, which was launched a few years ago.
The latest action was based on a survey by the Association of Fundraising Professionals noting the economic hardships driven by the pandemic have made it more difficult to donate money.
The service features Bitcoin, Ethereum, Bitcoin Cash and Litecoin directly within PayPal's digital wallet, and will be available to the company's U.S. accountholders in the coming weeks. Paypal also will expand the feature to Venmo and select international markets in the first half of 2021, making cryptocurrency an available funding source to the company's 26 million merchants worldwide.
Consumers will be able to instantly convert their selected cryptocurrency balance to fiat currency, with certainty of value and no incremental fees. Meanwhile, PayPal merchants will have no additional integrations or fees, as all transactions will be settled with fiat currency at their current PayPal rates.