MoonPay Partners with PayPal to Streamline Crypto Transactions for Users in the UK and EU
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Highlights:
- MoonPay announced that users in both the UK and EU can now purchase cryptocurrencies using PayPal.
- PayPal became the third most used payment method in the US following its integration with MoonPay.
- MoonPay’s recent strides in the crypto ecosystem show its proactive stance in shaping the future of digital finance.
On June 12, financial tech company MoonPay announced the expansion of PayPal as a payment option to users in the United Kingdom and European Union. MoonPay users in 24 EU member states and the UK can now buy cryptocurrency using their PayPal accounts. The development follows the two companies launching a similar integration in the United States (US) last month.
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Crypto Purchases via PayPal in Europe
The integration is currently live for 1% of European users and will be fully rolled out across the region in the coming weeks. However, it will not be available to residents of Croatia, Iceland, and Hungary. MoonPay allows users to fund their crypto purchases using PayPal Balance, direct bank withdrawal, or debit cards without manually entering payment details.
🔥JUST IN: Buying crypto with PayPal is going global.🌍#MoonPay users in 24 EU member states and the UK can now buy 100+ cryptocurrencies using their PayPal account. 💸🔐 pic.twitter.com/QeumBadjeu
— The Crypto Times (@CryptoTimes_io) June 12, 2024
MoonPay CEO and Co-founder Ivan Soto-Wright praised the development, highlighting that expanding the company’s collaboration with PayPal to new markets marks an exciting milestone.
He stated:
“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.”
MoonPay Cites PayPal as Third-Most Popular Payment Method in the US
On May 2, MoonPay announced its users in the United States can now purchase and sell more than 110 cryptocurrencies with PayPal. PayPal integration in the US is available to 100% of users there. MoonPay stated that “this provides a wider selection of cryptocurrencies compared to platforms that only offer Ether or the PayPal USD stablecoin.”
🌙 Exciting news from MoonPay! 💳
Today, we're thrilled to announce a game-changing integration: MoonPay has partnered with @PayPal to offer seamless fiat-to-crypto transactions for users in the U.S.!
— MoonPay 🟣 (@moonpay) May 2, 2024
According to MoonPay, PayPal has become the third most preferred payment method in the US, surpassing Google Pay and ranking just behind traditional bank cards and Apple Pay. Data shows that nearly 90% of transactions are successfully completed by users who link their PayPal accounts. Additionally, customers who use PayPal as their first payment method convert at a rate 1.3 times higher than those who use cards. The company also highlights a demographic shift, noting that the average age of the new user base is 35.
Moreover, the firm said it has been rapidly expanding PayPal integration to its various partners. It is now available on SafePal, Uniswap, LOBSTR, Changelly, Phantom, BitPay, Zengo, and xPortal.
MoonPay’s Recent Developments and Strategic Moves
MoonPay has been very active in recent months. Last October, it unveiled a partnership with Mastercard to build connections, advance Web3 integrations, and boost marketing tools. That same month, the company introduced its new Swaps feature within the app, allowing users to exchange one cryptocurrency for another seamlessly.
In November, during heightened regulatory scrutiny, MoonPay appointed Mike Lempres, a former executive at Coinbase and Andreessen Horowitz (a16z), to its board of directors. In May of this year, the company contributed $1 million to the digital advocacy organization Stand With Crypto ahead of the 2024 US elections.
As a crypto company founded in America, we’re proud to #StandWithCrypto and have made a donation to support their efforts in this pivotal year for our industry.
Here’s the note our CEO shared with everyone at MoonPay this morning: pic.twitter.com/PzXxjF3FaZ
— MoonPay 🟣 (@moonpay) May 13, 2024
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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