MoonPay, the cryptocurrency payment wallet, said on Wednesday that PayPal is now accepted for cryptocurrency purchases in the United Kingdom and the European Union.
According to the announcement, this extension enables consumers in 24 EU member states, except Croatia, Hungary, and Iceland, to purchase cryptocurrency using their PayPal accounts.
“Expanding our collaboration to new markets is an incredibly exciting milestone for us. This move will enable us to provide a frictionless experience and lower the barriers to entry to include new users around the world,” MoonPay co-founder and CEO Ivan Soto-Wright stated in a press release.
The deployment will take place over the next few weeks, following a successful merger in the United States last month. According to MoonPay, PayPal has risen to become the third most popular payment option in the United States, surpassing Google Pay.
This surge in popularity is reflected in the engagement metrics, with nearly 90% of users who connect to PayPal proceeding with a transaction. Moreover, new customers using PayPal for their first payment method convert at a rate 1.3 times higher than those using cards.
MoonPay’s integration with PayPal also unlocks access to a more mature demographic, with an average user age of 35 years old.
PayPal’s integration with MoonPay facilitates Bitcoin transactions for individuals who already have PayPal accounts. Users can simply fund their purchases using their PayPal balance, direct bank withdrawal, or debit card without having to manually enter payment information, which improves ease and transaction efficiency.
MoonPay has rapidly expanded this integration to its partners, including Uniswap, Phantom, BitPay, Changelly, xPortal, Zengo, SafePal, and LOBSTR. This partnership offers users a more accessible way to buy cryptocurrencies, promoting greater adoption and engagement in the crypto community.
Also Read: MoonPay Supports Stand With Crypto Campaign
