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PayPal Crypto Services will Go Global In 2021

PayPal Crypto Services going global

March 16, 2021 | 

722 Views | 

JOHN K MWANIKI | 

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Cryptocurrencies like Bitcoin have been around for a while. In this period, they have been met with controversy, disbelief, and sometimes outright hate. However, in the last few years, more and more companies have started showing their interest by investing in or allowing purchases using these cryptocurrencies. 

In 2020 October, Paypal Holdings Inc. joined the list of companies that allowed crypto-curious consumers to use their platform to try their hand with cryptocurrencies. 

What is PayPal?

PayPal Holdings Inc. is a digital payment provider that has been around for over twenty years. They have over 300 million consumers from all over the world. They allow their consumers to send money, receive it, ask for payments and make payments on their platform. When a person is interested in using the app, they sign up with an email address then connect it to their credit card or bank account. Whenever someone wants to send them money, they simply give out the email address associated with their PayPal account then wait for the payments. 

In order to transact using PayPal, both parties have to have PayPal. If transacting with a merchant, the merchant has to have Paypal as a payment option. More and more people have started trusting Paypal because you get to make payments, send or receive money without having to disclose your credit card or bank information. So far, Paypal has many merchants in over 200 markets and growing. 

PayPal Crypto services launched in 2020

In October of 2020, Paypal announced that they would let their consumers in the US (except Hawaii) buy, hold and sell four cryptocurrencies in their accounts. These cryptocurrencies are Bitcoin, Bitcoin Cash, Ethereum, and litecoin. They partnered with Paxos Trust Company to offer their consumers current market prices of these cryptocurrencies. 

There is a limit on how much a consumer can purchase per week or hold in their account. They also mentioned that they would offer educational content so that the interested consumers could learn about related concepts like blockchain and how cryptocurrencies work. 

Paypal Crypto services plans for 2021

Paypal's announcements in 2020 were just the start of their plan to venture into the cryptocurrency market. They have noticed the increase in online transactions and people's rising interest in cryptocurrencies and found a way to solve both problems. First, while their initial rollout was to eligible US citizens, in 2021, they want to make it so that interested consumers in selected non-US markets can access these services. This means that those not living in the US could buy, hold and sell cryptocurrencies just like their eligible US counterparts. 

Next, they also want to make it possible for their consumers to pay using cryptocurrencies. The initial goal is to enable consumers to purchase goods from over 25 million merchants directly from their cryptocurrency wallets. In 2013, Paypal acquired Venmo. Venmo users will be happy to hear that they will also be able to carry out these PayPal crypto services on their platform in 2021. 

Frequently Asked Questions on these crypto services

Many crypto curious consumers and crypto-enthusiasts will undoubtedly be ecstatic to be able to buy, hold, sell and make purchases using crypto. However, here are a few frequently asked questions those interested may ask. 

1.    What are the transactional fees?

Up to December 31, 2020, there were no transactional fees for buying or selling cryptocurrencies in your account. However, after 2021, some transactional fees apply. 

  • Margins. The difference between the selling price on PayPal and the price provided by Paxos is called the margin or the spread. 

  • Exchange rate. This is the price you pay for converting the USD to or from the cryptocurrency. It's displayed to the user.

  • Transactional fees. These are the fees you pay Paypal for enabling the transaction. 

Additionally, you may have to pay some bank fees, such as costs for transferring money from your bank account to PayPal.

2.    How long do transactions take?

Your cryptocurrency wallet is accredited to you immediately when you buy cryptocurrency either with the money in your bank account or with money from your cash plus or PayPal cash account. Similarly, if you sell your cryptocurrency, the money is accredited to your wallet immediately. 

3.    Do I need a private key?

When purchasing Bitcoin, you need a private key that gives you access to your account. If you lose this key, you get locked out of your wallet, and you will not be able to recover your money. You do not need to fear this with Paypal as your cryptocurrency wallet is not kept behind a private key. 

4.    How often are the prices on Paypal updated?

With PayPal crypto services, the market prices are refreshed every few seconds with data from Paxos. This means that when you buy or sell cryptocurrencies, you are making these purchases using the latest prices. 

5.    Can I transfer my cryptocurrencies from my PayPal account?

At the moment, Paypal crypto services allow you to purchase cryptocurrencies for yourself, and they are kept in your account. This means that if you want to send someone the cryptocurrencies, you can't. You have to convert them to USD and send them like that. Similarly, you cannot receive cryptocurrencies directly to your account from somebody else, even if they have a PayPal account. 

Conclusion

In the last few months, people have started seeing the value of cryptocurrencies for various reasons, one of which is the fact that it's a good hedge against inflation. For that reason, companies like PayPal are using their platforms to allow transactions and investments using cryptocurrencies. There's no doubt that more companies will be doing the same, and cryptocurrency usage and trading will be an everyday occurrence in the near future. If you are curious, it may be time to check out Paypal Crypto services or other similar crypto services. 
 

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