MoonPay integrates PayPal for crypto purchases in the UK and EU
MoonPay integrates PayPal for EU and UK crypto purchases using fiat. PayPal, the third most popular payment method in the US, brings convenience to MoonPay. MoonPay's move aims to lower barriers to entry and build trust among its growing user base.
Moonpay, the leading cryptocurrency payments platform, has announced the integration of PayPal as a new fiat on-ramp for its users in the European Union and the United Kingdom.
Buying Crypto with PayPal is Going Global!
MoonPay users in 24 EU member states and the UK can now purchase 100+ cryptocurrencies using their PayPal account. pic.twitter.com/FtHiJ6u21e
— MoonPay 🟣 (@moonpay) June 12, 2024
This move allows customers to use PayPal to purchase cryptocurrencies on the MoonPay platform, providing a seamless and convenient user experience. Initially available to 1% of European users, a full rollout across the region is expected soon, although residents of Croatia, Iceland and Hungary will not be able to access the service.
MonnPay is expanding crypto access with PayPal integration.
MoonPay's decision to integrate PayPal stems from its significant popularity in the United States, where it is the third most used payment method after Apple Pay and traditional bank cards.
By offering Paypal as a payment option, MoonPay aims to lower the barriers to entry for new users, making it easier and more convenient for them to purchase cryptocurrencies. Evan Soto-Wright, CEO and Co-Founder of MoonPay emphasized that this move will result in a frictionless experience and increase trust among our growing customer base.
In the United States, MoonPay already offers PayPal as a payment method in 48 states, except New York and Texas. The merger is part of MoonPay's broader strategy to grow its services and meet the diverse needs of its global user base.
By incorporating PayPal, MoonPay uses a widely trusted and user-friendly payment option that is expected to attract more users to the platform.
PayPal promotion to the crypto market
PayPal's integration with MoonPay is part of its larger strategy to create arbitrage in the cryptocurrency market.
In the year In August 2023, PayPal launched its own US dollar stablecoin, PayPal USD (PYUSD), backed 1:1 by cash and short-term cash.
Initially deployed as an ERC-20 token on Ethereum, PYUSD faced challenges due to Ethereum's transaction speed and high cost.
To address these issues, PayPal deployed PYUSD on the Solana network in May 2024. Solana offers high throughput and low transaction costs, making it ideal for daily transactions. This deployment introduced “secret transfers” that hide transaction amounts from the public while ensuring compliance with reporting regulations.
Stablecoins like PYUSD play a vital role in the cryptocurrency ecosystem. They provide liquidity, reduce transaction costs and facilitate cross-border payments. By providing stable value, these digital tokens enable more efficient and secure transactions, thereby encouraging wider adoption of cryptocurrencies.
MoonPay's integration of PayPal as a fiat on-ramp is a major step towards making cryptocurrency more accessible and user-friendly for individuals in the UK and EU.
