MoonPay, a cryptocurrency payment gateway, has marked a significant milestone by announcing its integration with PayPal.
This partnership enables US users to purchase cryptocurrencies using their PayPal accounts seamlessly. Therefore, it positions MoonPay as the first on- and off-ramp provider to offer such a service in the US.
MoonPay-Paypal Alliance
The collaboration between MoonPay and PayPal simplifies crypto purchases, especially for users already familiar with PayPal’s services. Customers can utilize their PayPal balance, direct bank withdrawals, or debit cards to fund crypto purchases directly on MoonPay’s platform.
Ivan Soto-Wright, MoonPay’s co-founder and CEO, told BeInCrypto that the partnership reflects a significant step towards integrating traditional financial services with the field of digital currencies. It streamlines cryptocurrency trading to enhance the user experience.
“For MoonPay users transacting with PayPal, we’ve ensured the process is seamless – users can purchase with PayPal without setting up additional accounts or entering new payment information. And those with an existing PayPal account won’t need to manually input their card information when they buy crypto on MoonPay,” Soto-Wright said.
He emphasized that this move aims to reduce the entry barriers for new users by providing a familiar transactional environment through PayPal.
“With PayPal embedded into MoonPay’s infrastructure, we can also further optimize conversion when transacting on our platform. Integrations like PayPal will have a significant impact on conversation rates. Many traditional banks do not allow users to purchase crypto on debit/credit cards, but when users pay with PayPal, using that same card, we have already seen a dramatic increase in the success rate of transactions,” Soto-Wright told BeInCrypto.
Read more: How To Buy Bitcoin With PayPal: A Step-by-Step Guide
Moreover, the security measures provided by PayPal protect users’ financial details during transactions, adding an additional layer of trust and safety for MoonPay users. This integration is currently available to all MoonPay customers in the US. It is expected to roll out to MoonPay partner networks in mid-2024.
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