Is there a way to do Friends and Family payments or Peer to Peer payments using the latest version (v2) of the PayPal API? I see that there is a way using the classic deprecated API but am unable to find the same thing in the new one.
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The Classic API is not deprecated. It is still very much in use and is continuing to grow, too, as they are still adding new functionality to it. It's not going away any time soon. I would recommend you just stick with it and run your "personal" payments that way.

Drew Angell
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1Does the classic API support peer to peer / friends and family payments? I'm working on a project that would be helpful for. Thanks in advance. – toddmetheny Jan 14 '17 at 15:43
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Adaptive Payments does, yes, but you'll need to get it approved by PayPal. Start by creating an app at http://developer.paypal.com under the Classic section. – Drew Angell Jan 14 '17 at 20:39