Payments via PayPal are now available to users of digital asset payments platform MoonPay across the European Union and the United Kingdom.
PayPal is now accessible to 1% of MoonPay customers in the UK and EU. Furthermore, availability is expected to reach 100% in the coming weeks. The exceptions are Croatia, Hungary, and Iceland.
This means that users in 24 EU member states and the UK can now buy cryptocurrencies using their PayPal accounts.
The MoonPay team highlighted that the integration simplifies transactions for MoonPay users who already have PayPal accounts. This way, it allows them to finance their cryptocurrency purchases with PayPal balance, direct withdrawal from bank accounts or debit cards, without need for manual entry of details.
Ivan Soto-Wright, co-founder and CEO of MoonPay, commented on “the success of our partnership with PayPal.”
He stated that “expanding our collaboration into new markets is an incredibly exciting milestone for us. This move will allow us to offer a frictionless experience and reduce barriers to entry to onboard new users around the world, bringing convenience and confidence to our growing customer base.”
Expansion to the USA was a success
After launching in the United States last month, the expansion of this service to the European Union and the United Kingdom follows in the successful footsteps of the American introduction.
On May 2, MoonPay entered into a partnership with PayPal and made the service available to 100% of its users. It was highlighted that this initiative demonstrated a strong demand for using PayPal as a payment option for purchasing cryptocurrencies.
In this latest announcement, the team shared the “impressive results” seen so far, which include:
- New Target Audience : MoonPay’s integration with PayPal has attracted a more mature user base, with an average age of 35.
- Popularity : PayPal is the third most popular payment method in the US, surpassing Google Pay and only “slightly behind” cards and Apple Pay;
- Increased engagement : Around 90% of users who successfully connect to PayPal carry out a transaction;
- Higher conversion : New customers who use PayPal as their first payment method have a conversion rate 1.3 times higher than those who use cards.
Furthermore, the integration is a significant advancement for MoonPay. In short, it was the first platform of its kind to incorporate this payments giant, as stated by the team.
It was added that “this provides a wider selection of cryptocurrencies compared to platforms that only offer Ether or the PayPal USD stablecoin.”
MoonPay has expanded its activities in recent months with several new features
In October last year, the company announced a partnership with Mastercard. The objective was to advance integrations with Web3, build connections and improve marketing tools.
In the same month, MoonPay launched a new feature in its app called “Swaps”, which allows users to exchange one cryptocurrency for another.
In November, amid increased regulatory scrutiny, MoonPay appointed Mike Lempres, a former Coinbase and Andreessen Horowitz (a16z) executive, to its board of directors.
In May this year, the company donated 1 million USD to digital advocacy group Stand With Crypto ahead of the 2024 US elections.
Meanwhile, MoonPay received significant investor support in November 2021 when it raised 555 million USD in a Series A funding round. This, led by Tiger Global Management and Coatue, valued the company at 3.4 billion USD.
As for PayPal, at the end of May it was announced that it is expanding PYUSD to the Solana blockchain.
Finally, it was also revealed that the stablecoin includes a feature called “confidential transfers” to provide privacy for users and transparency for regulators.
