MoonPay is one of the leading companies in the payment wallet space for cryptocurrencies. The company has announced the integration of PayPal for cryptocurrency purchases in the United Kingdom and the European Union.
Now, consumers in 24 EU member states will be able to buy cryptocurrencies using their PayPal account. Croatia, Hungary, and Iceland are not part of the scheme for now.
A fruitful partnership and gradual rollout
Ivan Soto-Wright is the co-founder and CEO of MoonPay. According to him, extending the company’s collaboration to new markets is a positive step. This initiative will offer a seamless experience. It will also reduce entry barriers to include new users around the world.
The deployment of PayPal on the MoonPay platform will be gradual over the coming weeks. The launch in the United States last month had already gone well.
Indeed, PayPal has become the third most popular payment method in the United States. It has notably surpassed Google Pay. This gain in popularity is reflected in engagement data. Thus, nearly 90% of users who log in to PayPal subsequently make a transaction.
Additionally, new customers convert their funds into cryptocurrency at a rate 1.3 times higher than those using a credit card. The integration of PayPal with MoonPay is also a way to reach a more mature clientele. The average age observed is indeed 35 years.
Ease of use and increased adoption
The integration of PayPal with MoonPay simplifies transactions in Bitcoin (BTC) for people who already have a PayPal account.
Users can fund their purchases directly from their PayPal balance. It is notably possible to do so by bank transfer or debit card. There is no need to manually enter payment information.
MoonPay has quickly extended this integration to its partners. We can notably mention among them: Uniswap, Phantom, BitPay, Changelly, xPortal, Zengo, SafePal, and LOBSTR.
These collaborations offer users more accessible ways to buy cryptocurrencies. Moreover, they also foster adoption and engagement within the crypto community.
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