PayPal’s crypto campaign steps on an international path
One of the world’s leading payment processors, PayPal launches its cryptocurrency services in the UK starting in late August 2021.
This first step of the American online payments processor outside the US, where the campaign has been successfully running since October 2020, is to become a benchmark for the upcoming international expansion of PayPal’s crypto-product. The company’s General Manager Jose Fernandez da Ponte just confirmed their plans claiming PayPal definitely has ambitions to continue to expand the product range in the US, the UK, and other markets soon.
What profits does it offer to British customers, and what further advantages are there to expect globally?
First of all, the service enables British customers to buy, hold and sell cryptocurrencies, including a choice of four options — Bitcoin, Bitcoin Cash, Ethereum, and Litecoin, with a service fee of as little as £1 in their mobile applications. Besides, PayPal users can now monitor the dynamics of crypto prices in real-time and browse the educational content on the market, though they are not allowed to transfer their crypto holdings outside the app. Crypto coins are instantly converted into fiat at the moment of payment, and the easy “crypto check-out” option promotes the daily use of crypto in PayPal wallets for making purchases.
The digitization of money and greater consumer adoption of digital financial services alongside various innovations were only accelerated by the pandemic, da Ponte outlined, which probably means similar initiatives are to inspire mass adoption in neighboring countries soon.