PayPal Introduces Its Cryptocurrency Services in the UK
- UK-based customers of PayPal can now buy as little as £1 worth of cryptocurrency.
The cryptocurrency market cap crossed the level of $2.1 trillion today after a jump of approximately 3% in the last 24 hours. The retail demand is not the only positive sign for digital currencies as the overall crypto user base has increased significantly in the last few months. PayPal, the US-based Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. Read this Term giant, has become the latest company to expand its cryptocurrency services outside the US market.
The recent announcement from PayPal states that the company’s cryptocurrency services are now available for its UK-based customers. PayPal users in the UK can now buy, hold and sell different cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).
PayPal outlined that the recent launch of the company’s crypto services in the UK is its first expansion outside the US market. Users can now buy cryptocurrency assets for as little as £1. The recent announcement from PayPal came nearly one month after the company raised its weekly cryptocurrency purchase limit to $100,000 for eligible customers in the US.
“Customers can choose from pre-determined purchase amounts or enter in their own purchase amount, before following the prompts to buy the cryptocurrency of their choice. Customers will be able to fund their PayPal account for the purchase using their bank account or debit card,” PayPal mentioned.
UK’s Cryptocurrency Market
The adoption of digital currencies has increased substantially in the UK since the start of 2021. Several investment management firms added Bitcoin and other cryptocurrencies to their balance sheets. In November 2020, Ruffer Investment Management, the London-based investment firm, purchased nearly $600 million worth of Bitcoin and made approximately $1 billion from its Bitcoin holdings in April 2021.
The cryptocurrency market cap crossed the level of $2.1 trillion today after a jump of approximately 3% in the last 24 hours. The retail demand is not the only positive sign for digital currencies as the overall crypto user base has increased significantly in the last few months. PayPal, the US-based Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. Read this Term giant, has become the latest company to expand its cryptocurrency services outside the US market.
The recent announcement from PayPal states that the company’s cryptocurrency services are now available for its UK-based customers. PayPal users in the UK can now buy, hold and sell different cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).
PayPal outlined that the recent launch of the company’s crypto services in the UK is its first expansion outside the US market. Users can now buy cryptocurrency assets for as little as £1. The recent announcement from PayPal came nearly one month after the company raised its weekly cryptocurrency purchase limit to $100,000 for eligible customers in the US.
“Customers can choose from pre-determined purchase amounts or enter in their own purchase amount, before following the prompts to buy the cryptocurrency of their choice. Customers will be able to fund their PayPal account for the purchase using their bank account or debit card,” PayPal mentioned.
UK’s Cryptocurrency Market
The adoption of digital currencies has increased substantially in the UK since the start of 2021. Several investment management firms added Bitcoin and other cryptocurrencies to their balance sheets. In November 2020, Ruffer Investment Management, the London-based investment firm, purchased nearly $600 million worth of Bitcoin and made approximately $1 billion from its Bitcoin holdings in April 2021.