MoonPay announces the expansion of PayPal as a payment option to users in the EU and the UK. This expansion follows the successful launch in the U.S. last month. Now, users in 24 EU member states and the UK can use their PayPal accounts to purchase cryptocurrencies.

PayPal Integration Attracts Mature User Base

After its launch in the U.S. market, PayPal showed strong demand, becoming the third most popular payment method, surpassing Google Pay, and trailing only behind bank cards and Apple Pay.

Data indicates that nearly 90% of users completed transactions after linking their PayPal accounts. New customers using PayPal as a payment method for the first time had a conversion rate 1.3 times higher than those using bank cards. This integration also attracted a more mature user base, with an average age of 35.

The integration simplifies the transaction process for MoonPay users, allowing those with PayPal accounts to use their PayPal balance, direct bank withdrawal, or debit card to fund their cryptocurrency purchases without manually entering detailed information.

Ivan Soto-Wright, MoonPay's co-founder and CEO, stated: "Our successful partnership with PayPal demonstrates the value we have created together. Expanding this collaboration to new markets is incredibly exciting. This move will enable us to provide a seamless experience, lower entry barriers, and bring convenience and trust to users worldwide."

Currently, MoonPay is rapidly extending PayPal integration to its partners, including Uniswap, Phantom, BitPay, Changelly, xPortal, Zengo, SafePal, and LOBSTR. At present, PayPal is available to 1% of MoonPay customers in the UK and EU (excluding Croatia, Hungary, and Iceland), with plans for further rollout in the coming weeks.

PayPal Holds Over $1 Billion in Cryptocurrency

It was previously reported that PayPal holds over $1 billion in customer cryptocurrency assets, highlighting its significant role in the digital currency space. Notably, these assets belong to the customers.

This move aligns with consumers' expectations for flexible fund management, as PayPal facilitates the direct purchase, holding, and selling of cryptocurrencies. By expanding access to this specialized market, PayPal demonstrates its adaptability, ensuring continued relevance and competitiveness in the fintech sector.