PayPal is one of the most popular electronic payment systems in the world. Among the main advantages of this are good security and loyalty to cryptocurrencies. Now you can shop using crypto assets without any problems. Recently, PayPal announced a desire to expand the capabilities of the crypto wallet.
A few words about PayPal
PayPal is the most extensive financial system that allows you to make various financial transfers (including international ones), and pay for goods and services. It was paired with eBay for a long time, but in 2015 it began to function separately.
PayPal now operates in 202 countries worldwide (although not in all of them, it works to its full potential) and uses more than 25 different currencies. According to some reports, more than 200 million active users are registered here, making the payment system the undisputed leader in this industry.
Like many other large corporations, PayPal has joined the global sanctions against the Russian Federation. So, on March 5, it announced the termination of work in Russia, and on March 18, it blocked all Russian accounts.
In addition, earlier Ukrainian users could only deposit money but could not withdraw money to bank cards. But, recently, it began to work in Ukraine at full strength.
The popularity of the crypto wallet from PayPal
In the summer of 2021, PayPal announced the completion of the development of a cryptocurrency wallet. So far, this only works in the United States, but it has already created a substantial worldwide resonance.
This crypto wallet allows you to buy and sell cryptocurrencies and pay for goods and services with their help. It is worth noting that in the United States, many shops and cinemas accept payment in such currencies, and today this is no surprise to anyone.
According to CEO Dan Shulman, more than half of all PayPal users have already downloaded this e-wallet and have taken advantage of this choice. Moreover, more than 25% of these users began to use their accounts more actively than before.
PayPal also has a service – BNPL (Buy now, pay later). 70% of all requests for this service today are accepted from a crypto wallet. It suggests that users are pleased with the benefits it offers. Indeed, this opens up new possibilities for crypto enthusiasts. It is hardly suitable for trading or holding significant currencies, but it is ideal for paying for goods and services.
Joint future of cryptocurrencies and PayPal
The other day, CEO Dan Shulman announced that he plans to further increase the number of functions of an electronic crypto wallet. So far, he has not spoken about specific actions but stressed that he sees the future of PayPal only in conjunction with cryptocurrencies. In his opinion, this is an excellent asset, the interest in which is constantly growing.
With many US residents already using or planning to use cryptocurrencies in the future, this will grow at a tremendous rate, which means that PayPal must keep up with the times and offer customers exactly the most relevant services.
Earlier, CEO Dan Shulman spoke about the financial system is thinking about developing its stablecoin. And in February of this year, he said that PayPal could become a crossover for CBDCs, stablecoins, digital wallets, and cryptocurrencies. Judging by the measures now being taken, this may become true within a few years.
Most crypto enthusiasts are positive about such an idea and are waiting for new options for a crypto wallet from PayPal. Everyone is interested in what specific actions will be, and not general laudatory reviews.