MoonPay has announced the expansion of PayPal as a payment option to users in the European Union and the United Kingdom, following a successful launch in the United States last month. Now, MoonPay users in 24 EU member states and the UK can buy cryptocurrency using their PayPal accounts.
PayPal Integration Draws Mature User Base
The recent US launch, which has reached all users, showed strong demand for PayPal, becoming the third most popular payment method, overtaking Google Pay, and ranking just behind cards and Apple Pay.
Nearly 90% of users who connect to PayPal complete a transaction, and new customers using PayPal as their first payment method convert at a rate 1.3 times higher than those using cards. The integration also attracts a more mature user base, with an average age of 35.
This integration simplifies transactions for MoonPay users with existing PayPal accounts, allowing them to fund their cryptocurrency purchases using their PayPal Balance, direct bank withdrawal, or debit card without entering details manually.
“The success of our PayPal partnership speaks volumes about the value we’re creating together,” said Ivan Soto-Wright, MoonPay’s Co-Founder and CEO.
“Expanding our collaboration to new markets is an incredibly exciting milestone for us. This move will enable us to provide a frictionless experience and lower the barriers to entry to include new users around the world, bringing convenience and trust to our growing customer base.”
????JUST IN: Buying crypto with PayPal is going global.????#MoonPay users in 24 EU member states and the UK can now buy 100+ cryptocurrencies using their PayPal account. ???????? pic.twitter.com/QeumBadjeu
— The Crypto Times (@CryptoTimes_io) June 12, 2024
MoonPay is rapidly expanding the PayPal integration to its partners, now live with Uniswap, Phantom, BitPay, Changelly, xPortal, Zengo, SafePal, and LOBSTR. Currently, PayPal is available to 1% of MoonPay customers in the UK and EU, excluding Croatia, Hungary, and Iceland, with a broader rollout planned over the next few weeks.
PayPal's Cryptocurrency Holdings Exceed $1 Billion
Earlier, Finance Magnates reported that PayPal holds over $1 billion in crypto assets belonging to its customers, highlighting its significant role in the digital currency space. It is vital to note that these assets are customer-owned.
This move aligns with consumer expectations for flexible money management, with PayPal facilitating direct buying, holding, and selling of cryptocurrencies. By expanding access to this previously specialized market, PayPal displays adaptability, guaranteeing continued relevance and competitiveness in the fintech sector.
This article was written by Tareq Sikder at www.financemagnates.com.
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