PayPal payments are live to users of the digital assets payment platform MoonPay across the European Union (EU) and the United Kingdom (UK).
According to the press release shared with Bitcoinworld, PayPal is now available to 1% of MoonPay customers in the UK and EU, with 100% availability expected in the next few weeks. The exceptions are Croatia, Hungary, and Iceland.
This means that users in 24 EU member states and the UK can now buy cryptocurrency using their PayPal account.
The team remarked that the integration simplifies transactions for MoonPay users with existing PayPal accounts.
They can fund their crypto purchases with PayPal Balance, direct bank withdrawal, or debit cards.
Additionally, neither of these options requires them to enter details manually.
Ivan Soto-Wright, MoonPay’s co-founder and CEO, commented on “the success of our PayPal partnership.”
He stated that “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.”
The US Move Has Been a Success
The expansion of this service to the EU and the UK follows the US launch last month.
MoonPay partnered with PayPal on May 2 and rolled out the service to 100% of users.
It stated that this move demonstrated strong demand for PayPal as a payment option to buy crypto.
In this latest announcement, the team has shared “impressive results” they’ve seen so far. These include:
- New demographic: MoonPay’s integration with PayPal unlocks a more mature user base with an average age of 35 years old.
- Popularity: PayPal is the third most popular payment method in the US, overtaking Google Pay, sitting “slightly behind” cards and Apple Pay;
- Increased engagement: nearly 90% of users who successfully connect to PayPal proceed with a transaction;
- Higher conversion: new customers using PayPal as their first payment method convert at a 1.3x higher rate than those using cards.
Moreover, the integration is a major development for MoonPay, given that it became the first platform of its kind to incorporate this payment giant, the team stated.
It added that “this provides a wider selection of cryptocurrencies compared to platforms that only offer Ether or the PayPal USD stablecoin.”
Forming Partnerships, Expanding Offerings
MoonPay has been quite busy over the past few months.
Welcome to the MoonPay fam! pic.twitter.com/O7LKPgTowF
— MoonPay 🟣 (@moonpay) June 12, 2024
In October last year, it announced a partnership with Mastercard to advance Web3 integrations, build connections, and boost marketing tools.
That same month, it unveiled its new Swaps feature in the app, which enables users to swap one cryptocurrency for another.
Then, in November, amid increased regulatory scrutiny, MoonPay appointed Mike Lempres, a former executive from Coinbase and Andreessen Horowitz (a16z), to its board of directors.
In May this year, the company donated $1 million to the digital advocacy group Stand With Crypto ahead of the 2024 US elections.
Meanwhile, MoonPay saw significant investor support in November 2021 when it raised $555 million in a Series A funding round led by Tiger Global Management and Coatue, with a valuation of $3.4 billion.
As for PayPal, at the end of May, it said it’s expanding PYUSD to the Solana blockchain.
It was also revealed that the stablecoin includes a feature called “confidential transfers” to provide privacy for users and transparency for regulators.
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