FinTech: PayPal Launches “Grant Payments” For Electronic Payments To Charities
PayPal partnered with National Philanthropic Trust (NPT) and Vanguard Charitable on the new product.
PayPal Holdings, Inc. (NASDAQ: PYPL), in partnership with National Philanthropic Trust (NPT) and Vanguard Charitable, announced Grant Payments, aimed at the faster and electronic processing of charitable donations. (PAYPAL)
The new product rolled out by PayPal will help charities receive donations quickly after their approval by the grantmaker (the donor). Donor-Advised Fund (DAF) sponsors, community foundations and other grantmakers, can therefore immediately transmit funds to the nominated charities which have been vetted as per PayPal’s compliance standards.
The hitherto common method of paying charities by check is costly and slow. The limitations of this method were exposed during the pandemic – disruptions with the postal service and the inability of some non-profits with less access to offices to retrieve checks delayed the receipt of critical funds and hence, the delivery of charitable services.
In 2020, DAF donors granted at historic levels. Grants from DAFs to qualified charities totaled an estimated $34.67 billion, representing a 27% increase compared to 2019 and the highest DAF grant increase in a decade.
Instead of the tedious checks process, PayPal’s Grant Payments will expedite transmission of funds and philanthropic missions can focus instead on their core activities.
“PayPal is committed to offering safe, secure and seamless products and services that drive efficiency for grantmakers and charities to digitally send and receive grant payments,” said Oktay Dogramaci, VP of Giving. “By partnering with National Philanthropic Trust and Vanguard Charitable, PayPal Grant Payments will enable more than 200,000 PayPal confirmed charities to quickly receive grants electronically, streamlining and simplifying what has historically been a much more manual and drawn-out process.”
Related Story: PayPal Extends Its BNPL Scheme To Monthly Payments
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