The integration of cryptocurrency transactions within the PayPal app offers a solution to banking restrictions that often impede such purchases. A representative from MoonPay highlighted the challenge of direct debit card transactions failing due to these restrictions. By partnering with PayPal, MoonPay aims to improve the success rate of cryptocurrency transactions within a more accommodating framework.
Moreover, MoonPay emphasized that PayPal users can now buy cryptocurrencies without divulging their personal or card information directly to MoonPay, simplifying the transaction process. This integration facilitates a seamless and secure experience for users interested in entering the cryptocurrency market.
Previously, PayPal offered a limited selection of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), PayPal USD (PYUSD), Bitcoin Cash (BCH), and Litecoin (LTC). However, following the collaboration with MoonPay, the range of available cryptocurrencies has expanded significantly. Users can now access additional options such as Solana (SOL), Tether (USDT), Dogecoin (DOGE), Cardano (ADA), and Polygon (MATIC), among others.
With this new integration, MoonPay announced that PayPal customers across all 50 states in the U.S. can directly purchase cryptocurrencies through the PayPal platform. Users have the flexibility to use their account balances, initiate direct bank withdrawals, or make payments using debit cards. As of the latest update, this enhanced functionality is accessible to half of PayPal’s U.S. user base.