PayPal launches Grant Payments for electronic payment of grants to charities
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PayPal Holdings (NASDAQ:PYPL) has teamed up with National Philanthropic Trust and Vanguard Charitable to launch Grant Payments, a product that allows Donor-Advised Fund sponsors, community foundations, and other grantmakers to deliver grants to charities electronically via PayPal, the company said Thursday.
The new product will enable charities to receive grants soon after the funds have been approved by the grantmaker, it said. Both charities and grantmakers will have access to all available grant details, including donor information when provided, through a PayPal (PYPL) dashboard. Eligible and participating charities have been vetted according to PYPL's compliance standards, it added.
"By partnering with National Philanthropic Trust and Vanguard Charitable, PayPal (PYPL) 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," said Oktay Dogramaci, vice president of Giving at PayPal.
In 2020, grants from Donor-Advised Funds to qualified charities totaled an estimated $34.67B, a 27% increase from 2019. In 2021, Vanguard Charitable sent out $1.78B and National Philanthropic Trust sent out $6.4B in grants to charities, with most of them made by check, PayPal (PYPL) said.
Earlier this week, PayPal (PYPL) joined Coinbase's (COIN) TRUST network to comply with regulations