Thursday, March 17th, 2022
For the first time, PayPal customers in the United Kingdom will be able to purchase, hold, and trade cryptocurrencies using the payment service.
Users will be able to pick from four crypto coins – Bitcoin, Ethereum, Litecoin, and Bitcoin Cash – and the service will be available through PayPal’s website and mobile app.
PayPal plans to introduce a crypto tab to the site. The tab will display real-time currency fluctuations and educational material to answer common customer concerns and teach more about crypto, including the possible risks.
The payment service believes that the decision to enable cryptocurrency payments will educate and attract more users to digital money.
Cryptocurrencies continue to be unpopular because (1) they are under-regulated and (2) have unpredictable price fluctuations. Some opponents have expressed worries about the anonymous nature of crypto payments, claiming fraudsters use the currencies to conceal their operations.
PayPal’s manager for blockchain & crypto, Jose Fernandez da Ponte, stated that its service might help expose more users to the tech and how it works and influence the role of currencies down the road.
“The global health crisis has expedited digital transformation and innovation in all sectors of life, including money digitization and increased digital payments acceptance among consumers,” he added.
“Our international presence, fintech expertise, and understanding of merchants and consumers—coupled with stringent security and compliance systems, positions us to assist Britons in exploring bitcoin and other cryptocurrencies. We are determined to team up with UK regulators and other global authorities to offer meaningful support and help define the role of digital currencies in tomorrow’s economy.”
PayPal stated that the service would be available to all qualified clients as soon as the service rolls out.
In the United States, the company has established a similar service that lets consumers use bitcoins to make purchases at partner companies — a function that has not yet been implemented in the United Kingdom.
The bottom line
Though PayPal’s existence is beneficial because it is a well-known, reputable firm that’s already under thorough regulatory scrutiny, the crypto frenzy continues to alarm consumer advocates and policymakers. Hopefully, more customers and retailers will understand how digital currencies work and adopt them altogether.