Incorporating cryptocurrency transactions into the PayPal app could bypass banking restrictions that currently impede such purchases.
A spokesperson from MoonPay emphasized that banking restrictions often lead to unsuccessful cryptocurrency transactions when using direct debit cards. Teaming up with PayPal improves the success rate of these transactions by leveraging the same payment method within a more accommodating framework.
Furthermore, MoonPay emphasized that PayPal users can buy cryptocurrencies without having to directly provide their personal or card details to MoonPay, thus streamlining the process.
Before, PayPal customers had the choice to buy cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), PayPal USD (PYUSD), Bitcoin Cash (BCH), and Litecoin (LTC).
After collaborating with MoonPay, the selection of cryptocurrencies now encompasses Solana (SOL), Tether (USDT), Dogecoin (DOGE), Cardano (ADA), Polygon (MATIC), and several others.
MoonPay has revealed that thanks to this fresh integration, individuals in all 50 states of the U.S. can now directly buy cryptocurrencies via the PayPal platform using their account balances, direct bank withdrawals, or debit cards.
As of the most recent update, half of PayPal’s U.S. users now have access to this upgraded functionality.
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