PayPal has partnered with MoonPay to introduce a new fiat-to-crypto transaction service for US customers, according to a press release published today by MoonPay. The collaboration marks MoonPay as the first on- and off-ramp provider to incorporate PayPal’s payment system, enhancing the ease of purchasing crypto.
With the new integration, US-based PayPal users can now utilize their accounts to buy crypto directly on MoonPay, using PayPal Balance, bank withdrawals, or debit cards. This integration also aims to eliminate the need for manual data entry, simplifying the process for existing PayPal customers.
Ivan Soto-Wright, MoonPay’s co-founder and CEO, said the partnership with PayPal will provide a familiar transaction environment and lower the entry barrier for new crypto users.
“Now more than ever consumers are exploring different avenues of financial systems–whether that be crypto, retail investing, or digital banking–and this partnership underscores our deep commitment to collaborating with trusted partners in the ecosystem to expand their access,” Soto-Wright said.
“By integrating PayPal, we are enabling consumers to transact with crypto in an already familiar environment, and significantly lower the barrier to entry for new users,” he added.
The service offers several advantages, including a wide selection of payment options, access to over 110 tokens, and the convenience of purchasing without additional account setup.
PayPal’s integration with MoonPay is currently available to US consumers and is expected to extend to MoonPay’s partner networks by mid-2024, stated MoonPay.
MoonPay is no stranger to the crypto sector. Launched in 2019, the fintech firm is well-known for its user-friendly platform that allows seamless buying and selling of popular cryptos like Bitcoin and Ethereum using a variety of convenient payment methods, including credit cards, bank transfers, and popular mobile wallets like Apple Pay and Google Pay.
MoonPay announced last month that it expanded its partnership with Ledger to include Swaps and Sell, aiming to significantly improve the ease of use for crypto users in 2024. Despite a competitive fintech landscape, MoonPay remains confident in its user-centric approach and plans to expand its platform to support a wider range of digital assets.
