PayPal’s New Crypto Services to Streamline Business Adoption
November 24, 2020 11:00 am
CEO of PayPal believes that cryptocurrencies are on the edge of becoming mainstream adoption as more businesses and consumers are gathering for “digital payments and digital forms of currency.”
During an interview with CNBC, Dan Schulman, Paypal CEO said the COVID-19 pandemic has boosted the shift to digital forms of payments. PayPal wants to be at the forefront of the ongoing crypto transformation. The CEO added that the “use of cash has declined precipitously” amid the pandemic, figuring that “40 to 70% of consumers no longer want to handle cash.”
PayPal is not just making it easier for people to buy and hold cryptocurrencies; the service will integrate with existing merchant payments platforms, allowing businesses to accept digital forms of payment.
PayPal is not just making it easier for people to buy and own cryptos; the service will combine with existing merchant payment platforms that will allow businesses to accept digital forms of payments.
The CEO stated:
“One of the things that we allowed is not just making it easy to buy, sell and hold cryptocurrencies, but very importantly, early next year, we’re going to allow cryptocurrencies to be a funding source for any transaction happening on all 28 million of our merchants. And that will significantly bolster the utility of cryptocurrencies.”
PayPal conferred with global regulators and central banks before launching its crypto service. Schulman said it’s only a matter of time before these monetary authorities release their own central bank digital currencies or CBDCs.
“It’s a matter of not if but when and how we’ll start to see more and more central banks issue forms of digital currencies. I think you’ll have more and more utility happen with cryptocurrency.”
PayPal mentioned that it has ended its waitlist for customers looking to use cryptocurrency in the U.S. trading features with a limit of $20,000 per week. The payment provider aims to make crypto payments available to 26 million merchants around the world. PayPal will be notifying its U.S, customers about the feature of crypto services in the coming days.