PayPal Cryptocurrency services have launched in the UK, giving the ability for customers to to buy, hold and sell cryptocurrency.
Choosing from four types of cryptocurrencies, Bitcoin, Ethereum, Litecoin and Bitcoin Cash, by accessing your PayPal account via the website or the mobile app, you can can view real-time crypto prices. PayPal also say that you can access educational content to help answer commonly asked questions, and learn more about cryptocurrencies, including the opportunities and risks.
This announcement marks the first international expansion of the company’s cryptocurrency offering outside of the United States. With a trusted brand like PayPal now making an entry, access, knowledge, and the exploration of cryptocurrency has the potential to become mainstream in the UK if consumers actually see a need for it… but is there the demand?
Millions around the world have used cryptocurrency but many more millions know nothing about it barring awareness that it exists. My bellwether for adoption of new services is my neighbours who aren’t in the Internet or ecommerce business. If they’re using marketplaces, payments, social or messaging sites my ears prick up as they’re pretty Internet engaged and it means it’s a service worth noting. However, ask they about cryptocurrency and I’m met with blank stares and am asked what’s wrong with Sterling?
PayPal Cryptocurrency is a thing and it’s going to be used, but will it change the average consumer’s life? Probably not quite yet.
“The pandemic has accelerated digital change and innovation across all aspects of our lives— including the digitisation of money and greater consumer adoption of digital financial services. Our global reach, digital payments expertise, and knowledge of consumer and businesses, combined with rigorous security and compliance controls provides us the unique opportunity, and the responsibility, to help people in the UK to explore cryptocurrency. We are committed to continue working closely with regulators in the UK, and around the world, to offer our support—and meaningfully contribute to shaping the role digital currencies will play in the future of global finance and commerce.”
– Jose Fernandez da Ponte, Vice President and General Manager, Blockchain, Crypto and Digital Currencies, PayPal
PayPal Cryptocurrency – Buy, hold and sell
The introduction of this service offers customers a new way to explore cryptocurrency in the PayPal environment they know and trust. Customers can start by buying as little as £1 of cryptocurrency through PayPal. To purchase cryptocurrency, eligible customers can log into their PayPal account via the website or their mobile app, navigate to the new crypto tab to view the four cryptocurrencies available and view current pricing and trends.
Customers can choose from pre-determined purchase amounts or enter in their own purchase amount, before following the prompts to buy the cryptocurrency of their choice. Customers will be able to fund their PayPal account for the purchase using their bank account or debit card. If customers choose to sell cryptocurrency with this new service, funds are normally available quickly to spend in their PayPal account. There are no fees to hold cryptocurrency in a PayPal account. There are transaction fees and currency conversion fees for buying and selling applicable cryptocurrencies.
Education
PayPal are aiming to create greater understanding as well as enabling access to cryptocurrency. As part of this offering, PayPal is providing account holders with educational content to help them understand the cryptocurrency ecosystem, the volatility, risks, and opportunities related to purchasing cryptocurrency. They say that they encourage customers to do their research on the risks and opportunities for various cryptocurrencies before taking the step to buy, hold and sell cryptocurrency with PayPal.
As part of this offering, PayPal provides account holders with educational content to help them understand the cryptocurrency ecosystem, the volatility, risks, and opportunities related to purchasing cryptocurrency. The company encourages its customers to do their research on the risks and opportunities for various cryptocurrencies before taking the step to buy, hold and sell cryptocurrency with PayPal.
2 Responses
If you go to the link to PayPal, it says “coming soon”. But I spoke to a very helpful lady at PayPal’s Help centre, and she advised it’s launching in the UK tomorrow (25th August).
However, there are some gaps in capability. It’s only for personal accounts, not business ones. It only lets you buy, sell of hodl. There is currently no integration or option to let us take crypto payments through our website. More importantly, there isn’t a mechanism to send crypto from PayPal to a private wallet, either ours to hold or someone elses to make a payment. It sounds like this is all a work in progress for PayPal, so it will be interesting to see if they fill these gaps.
It’s not available, says “coming soon”:
https://www.paypal.com/uk/webapps/mpp/crypto