The addition of PayPal enhances the payment processing company’s services
Payment processing company MoonPay has announced the addition of another fiat purchasing option for European Union and UK customers. European users will soon be able to use PayPal to purchase crypto products on the platform.
The new feature is currently available for 1% of European customers and will be introduced to the rest of the region over the next few weeks. It will not be available for users in Iceland, Hungary, and Croatia.
In a recent press release, MoonPay recognized PayPal’s position among the top three most popular payment methods in the US after Apple Pay and standard credit/debit cards. MoonPay CEO Ivan Soto-Wright also discussed PayPal’s expertise in offering a seamless new customer experience, “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.”
PayPal introduced its PayPal USD stablecoin in August 2023, which is supported 1:1 by cash and short-term cash equivalents. Tether’s USDT and Circle’s USDC are among the other over-collateralized stablecoins offered.
Last month, PayPal launched PYUSD on the Solana network to take advantage of Solana’s low costs and high throughput. The deployment also allows customers to use the stablecoin for personal transactions and daily purchases.
PayPal later announced the addition of its “confidential transfers” privacy option, allowing vendors to hide transaction amounts from public view while accommodating reporting guidelines.
Stablecoins are the digitized equivalents of fiat currencies. They can either be algorithmic with no cash reserves or supported by actual cash reserves and cash equivalents at a 1:1 ratio.
