How Paypal’s new crypto payments app is unique

With cryptocurrencies taking the world by storm, financial giant PayPal too is further enhancing its stance in the space with its own unique app. PayPal has been quite aggressive in the crypto space. Its new app is only expected to enhance its crypto capabilities further, especially with the first digital wallet and payments app.

A couple of days ago, PayPal, in fact, had expanded its cryptocurrency services to the UK citizens. Starting this week, the UK citizens were given exclusive opportunity to buy, sell or hold cryptocurrencies. It was a sign of international expansion by the US online payment giants, which will be taking its crypto services outside within a year.

Peer-to-peer transactions

PayPal’s new crypto app, which for now limited to just the US, comes across with a personalised dashboard, through which the customers can manage their crypto payments or make deposits. Through the app, the users can buy or sell leading cryptocurrencies such as Bitcoin, Ethereum etc. The peer-to-peer transaction is not only secure, but also it is also confirmed and by the vendor, making it a seamless process.

Also read: Is COTI crypto an evergreen investment option for investors?

Although limited to the US customers only for now, the company does plan to expand it to other regions in due time. In order to create profitable returns on the saving account, Paypal is expected to partner Synchrony Bank, and the service is expected to roll out in coming months.

According to PayPal CEO and President Dan Schulman, the app will offer a solution to the customers who have to go through varied financial application making the transactions a tedious process. In fact, with the new app, the customers can seamlessly create an all-in-one service and do their crypto transaction at one go.

What makes the app unique?

Banks or financial institutions in general have struggled to provide seamless transactions. Many of them have struggled with app issues or have issues related to release of funds. But PayPal promises to offer a secure, and personalized experience. By reducing the complexity aspect, it can be utilised for shopping and retail outlets and also tracks loyalty rewards.

With the global Cryptocurrency Hardware Wallet expected to reach US $58290 million by 2027, PayPal wants to catch the bandwagon and build on its market share in the cryptocurrency market as well. PayPal plans to strengthen its position in the cryptocurrency’s domain as well and will add new features and enhancements going forward.