PayPal launched a new peer-to-peer payments service today, marking the company’s latest effort to expand its digital payment offerings.

The financial technology company announced the service as part of what it describes as reimagining money transfers between individuals across different locations. The new platform aims to facilitate direct payments between users without traditional banking intermediaries.

PayPal shares trade under the ticker symbol PYPL. The company has been expanding its payment services portfolio as competition intensifies in the digital payments sector.

The service represents PayPal’s continued push into peer-to-peer transactions, an area that has seen significant growth as consumers increasingly shift away from cash-based transactions toward digital alternatives.