PayPal adds cryptocurrency to its list of payment options
November 6, 2020
The iGaming industry is growing from strength to strength with changes and improvements in all departments.
Cryptocurrency is one payment option quickly being adopted in online casinos worldwide. In a recent press release, PayPal announced it would be entering the cryptocurrency market.
PayPal going crypto
With PayPal entering the crypto market, online casino gamblers and other users would have the option to buy and sell Bitcoin along with various other virtual currencies using their PayPal accounts.
With this integration, PayPal opens up new fields of exploration and eases access to cryptocurrency as well as regular markets and online casino gameplay via cryptocurrency.
PayPal’s strategy is to roll out cryptocurrency options within the US over the next few weeks. It will then be rolled out into other markets early next year.
Cryptocurrency that will be available via PayPal includes Bitcoin and Ethereum to start. The cryptocurrency will be stored within your PayPal digital wallet allowing instant access for purchases, deposits and other transactions.
What the future holds
PayPal is not planning to slow down any time soon which was clearly visible during its third-quarter earnings call. The company laid out its upcoming plans which included several changes to mobile apps that will be integrated over the next year.
These included features such as enhanced direct deposit, the ability to cash cheques, budgeting tools, paying bills, crypto support, subscription management, buy now/pay later functionality and Honey’s shopping tools.
Partnering with Honey and more
Honey’s is a deal-finding platform which PayPal acquired last year and since then, the company has been actively looking at ways to incorporate integrations for the platform. Since the acquisition, PayPal has had an increase of 17 million monthly active users.
PayPal is looking to combine Honey’s browser extension and mobile app to find the best saving on items with PayPal itself. This is part of the plans in motion for the upcoming year.
Then there is the Pay in 4 instalment program that was recently launched by the provider allowing PayPal users to pay for purchases over four separate instalments. This credit option is interest-free and is set to become more integrated into the company’s apps in the upcoming months.
Venmo on the other hand will be given crypto capability and PayPal believes it will reach $900 million in revenues by next year. Some changes will be brought in such as a revamp of the Pay with Venmo checkout experience and the addition of more basic financial and shopping tools.
PayPal has some interesting changes and plans up its sleeve which will bring online casino players and daily consumers more convenience in the long run.