Paypal Vice President Richard Nash has disclosed that the payment giant looks forward to integrating all cryptocurrencies to its ecosystem, blockchain services, etc.
Mr. Richard disclosed this move in an interview at the World Economic Forum 2022 in Davos, Switzerland.
Paypal is a payment solution that has steadily increased its support for various crypto payments options on its platform.
To take you down memory lane, Paypal in March announced a crypto check-out service targeting 29 million merchants.
With this move, the payment giant allows merchants to accept crypto payments in Bitcoin, Ether, Bitcoin Cash, and Litecoin from the US customers.
Significantly, Paypal is one of the largest online payment service providers to roll out crypto integrations, Stripe has only this year announced a new comprehensive solution to help crypto based businesses with their payment processes.
Paypal has been driving significant steps into crypto with a new crypto unit and allowing Americans to pay with Bitcoin and Ethereum at over 29 million vendors since last year.
Back in April 2021, Paypal CEO Dan Schulman also revealed the growth of the crypto segment of their business after integrating crypto based payments in Q4 or 2020.
Paypal has been rendering crypto services on its social channels and across the major marketing forums.
Their mobile payment application, Venmo has been involved in crypto, with this app Paypal is promoting cryptocurrency services to all Venmo clients.
Paypal in essence has been exploring the potential of crypto on Venmo, where it helps to onboard new users of cryptocurrencies with educational content.
Does this sounds like a big deal, that’s because it is. You know what, we are talking about the platform that serves over 300 million users and over $700 billion worth of payments annually.
Should the giant complete this process it means that digital coins are becoming more significant.
Why Paypal decides to integrate crypto transactions
There are visibly three major points under consideration to this effect,
1.The growing demand for digital payments. Recall, since the coronavirus outbreak, clients have shifted to online transactions.
In this circumstance, crypto payments represent a natural extension of the system.
- Traditional banks are beginning to show interest in crypto assets. According to Paypal, 10% of central banks globally are preparing to push their own cryptocurrencies soon.
- Improving the ecosystem. It’s no secret that online coins can speed up the system and make it faster and even resilient.
The payment giant is constantly looking for new ways to improve its services while it enhances user experience. Recall, they first activated cryptocurrency payments in 2020.