The new update of the payment platform Paypal allows its users to store and buy cryptocurrencies from the app. At the moment the new version is available at USA and United Kingdom, however, a future expansion towards Latin America.
In September, Paypal announced through a press release what the new version of the payments application is about and what it includes. Among the different modifications is the purchase, sale and saving of cryptocurrencies.
“The new PayPal app is a smart digital wallet powered by PayPal’s artificial intelligence and machine learning to create a unique wallet experience that is enhanced and tailored for each customer.” It was explained in the press release issued by the PayPal platform.
The main service regarding the cryptocurrencies they activated was the purchase and storage of assets digital and the United States was the territory chosen to start this new stage of the digital payment application. Currently, thanks to the demands of users, since July the limit for the purchase of cryptocurrencies in the US has reached USD 100,000 per month and without any type of annual limit.
However, LATAM is among the regional options that PayPal wants to reach with its new update, since 5% of the platform’s revenues worldwide come from Latin America.
Federico Gomez Schumacher, the general director for Latin America of PayPal had an exclusive with Bloomberg Line where he commented for the question of what is the potential in Latin America for this type of services with respect to cryptocurrencies, that “There is quite an important potential, because what we have seen is that they facilitate transactions between countries, even within certain countries where perhaps the penetration of financial services has certain restrictions. ” (…) “it is very important that there is a well-defined regulation, because obviously these things have to be done within a correct regulatory framework, which protects all the actors in these transactions, and the other is to do it in a way that be convenient, easy and safe for customers. “
One of the functions that is also applied in the American territory regarding cryptocurrencies is that of “Checkout With Crypto”, which is what allows users to pay with digital assets from within the application. With this option, customers who choose to make use of it since, at the time of payment, a conversion of cryptocurrencies to fiduciary money occurs without any type of value added by the transaction.
“(…) the introduction of Checkout with Crypto continues our focus on driving the widespread adoption of cryptocurrencies, while we continue to offer PayPal customers options and flexibility in the ways they can pay using the PayPal wallet.” explained PayPal President and CEO Dan Sculman.
When the launch of the new version of the PayPal application was announced, the second option in the expansion list after the USA was the United Kingdom and in the month of August of this year the purchase, sale and storage service began to operate. digital assets for UK users.
The digital currencies that are currently being accepted are: Bitcoin (BTC), Bitcoin Cash (BTCHEthereum (ETH) and Litecoin (LTC). Even the user will be able to know from the app how much each currency is being priced at.
In addition, the same application provides its users the opportunity to educate themselves about it from the same platform since it offers explanatory content about the most frequent doubts in this regard. And the information is constantly being updated.
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