PayPal is launching a new way to transfer money using a customized Web link for known contacts.

Called PayPal.me, the upgraded service lets users utilize a permanent link that can be sent through text, email or another form of messaging via an app for money requests. 

According to PayPal.me's FAQ page, the link can be created by simply typing in your name after the link (paypal.me/). An added bonus? The link lets you keep your contact information private. To get a PayPal.me link, you must already have a preexisting PayPal account.

While PayPal has been around for years, money requests and transfers could previously only be sent directly through the site or via e-mail and usually included a transferal fee. With PayPal.me, sending money domestically is free via a PayPal account; to transfer money using a debit or credit card, there is a 2.9 percent fee, plus an additional $0.03. 

You can sign up for PayPal.me on their site.

Via: Fortune

Photo: Steve Ganz | Flickr