Among the numerous significant events of 2020, recently, PayPal has announced their plans for the future. The company announced future features of their mobile app. Some of these features include direct deposit, check to cash, budgeting tools, crypto-currency support, subscription management and buy now/pay later services.
“The most notable change that the company is infusing is making PayPal’s mobile applications crypto-friendly.”
According to the company’s announcement made at the end of October month, PayPal is introducing features to support Bitcoin, Ethereum, Bitcoin Cash, and Litecoin initially for the U.S. users. The company’s intent behind this infusion is to drive crypto to more users and jurisdictions and make the world a crypto-friendly place.
Daniel Schulman, CEO of the PayPal Company, stated that the crypto feature would initially be available for the U.S. users to buy, sell, and hold the cryptocurrencies. Later in 2021, it will move to the International markets and popular mobile app Venmo.
This significant adoption will enable PayPal users to deal with multiple merchants using the cryptocurrencies without the requirement of any additional action on the merchant’s side. Moreover, the users will be able to use instant conversion of cryptocurrencies into fiat currencies at a fixed rate while checking out with the merchants from PayPal.
Dan Schulman said this crypto feature would not include any volatility risk or additional transaction expenses for for merchants nor for the users.
In a nutshell, the upcoming year for PayPal’s digital wallet apps is poised to be a bonus for crypto lovers.