MoonPay has announced the expansion of PayPal as a payment option for users in the European Union and the United Kingdom, following its successful launch in the United States last month. Now, MoonPay users in 24 EU member states and the UK can purchase cryptocurrencies using their PayPal accounts.
PayPal integration attracts a mature user base
The recent US launch, which 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 with PayPal complete a transaction, and new customers who use PayPal as their first payment method convert at a rate 1.3 times higher than those who use cards. The integration also attracts a more mature user base, with an average age of 35 years.
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 manually entering details.
“The success of our partnership with PayPal speaks volumes about the value we create together,” said Ivan Soto-Wright, co-founder and CEO of MoonPay.
“Expanding our collaboration to new markets is a very exciting achievement for us. This move will enable us to offer a seamless experience and lower barriers to entry to new users around the world, providing convenience and confidence to our growing customer base.
🔥Just in: Buying cryptocurrencies with PayPal is global.🌍#MoonBay Users in 24 EU member states and the UK can now purchase over 100 cryptocurrencies using their PayPal account. 💸🔐 pic.twitter.com/QeumBadjeu
— The Crypto Times (@CryptoTimes_io) June 12, 2024
MoonPay is rapidly expanding PayPal integration to its partners, and they are 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, and is scheduled to roll out more widely over the next few weeks.
PayPal's cryptocurrency holdings exceed $1 billion
Earlier, Finance Magnates reported that PayPal has more than $1 billion in cryptocurrency assets owned by its customers, highlighting its important role in the cryptocurrency space. It is important to note that these assets are owned by the clients.
This move is in line with consumers' expectations for flexible money management, as PayPal facilitates the direct purchase, holding and sale of cryptocurrencies. By expanding its reach into this previously niche market, PayPal is displaying the ability to adapt, ensuring continued relevance and competitiveness in the fintech sector.
This article was written by Tariq Sikdar at www.financemagnates.com.