Almost four months after announcing its “super wallet”, PayPal released a teaser of what the new app will look like. Released this Thursday (18), the video highlights transactions with cryptocurrencies.
In addition to the teaser, PayPal also updated the official website of its digital wallet. According to the company, the intention is that the user can make the purchase in a few seconds and with a few clicks.
The new PayPal app gives you more ways to explore crypto. Whether you want to buy, sell, hold, or even use it to checkout with millions of PayPal merchants. https://t.co/BO5unPByrR pic.twitter.com/2NcOnaR4yv
— PayPal (@PayPal) November 18, 2021
With the upgrade, anyone who wants to buy cryptocurrencies must click on the Finance option and select Crypto on the panel. Then just choose which cryptocurrency you want to buy (video shows BTC, BTC Cash, Litecoin and Ether) and click Buy.
The user must have a debit card registered to carry out the transaction. After identity verification, the purchase is approved and the cryptocurrencies go straight to the PayPal wallet on behalf of the user. The minimum purchase price will be US$1.00.
This conversion from cryptocurrencies to dollars and vice versa will not have any fees charged by PayPal. In the case of transactions with cryptocurrencies, only the transaction fee of the blockchain network will be charged.
The new wallet will also allow payments using cryptocurrencies. But this will require additional checks, such as submitting tax forms (W-9).
The new app goes live 13 months after PayPal revealed that it would allow the purchase and custody of BTC in its digital wallet. Later, the company extended support to other cryptocurrencies and also released withdrawal functions.
According to Dan Schulman, CEO of PayPal, the company has around 400 million users worldwide. That is, more than 5% of the global population, who will now have fast and cheap access to make their first BTC purchases.
“The new PayPal app offers more ways to explore cryptocurrencies. It doesn’t matter if you want to buy, sell, store or even use them to make purchases with millions of PayPal merchants.”