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PayPal Offers Cryptocurrency Service in the UK

PayPal Offers Cryptocurrency service in the UK

PayPal has made yet another move in the cryptocurrency arena – it launched a new service allowing UK customers to buy, hold and sell cryptocurrency with PayPal (note that terms apply).

PayPal is offering customers the choice of four cryptocurrencies: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

“By accessing their PayPal account via the website or the mobile app,” PayPal announced, “they can view real-time crypto prices, access educational content to help answer commonly asked questions, and learn more about cryptocurrencies, including the opportunities and risks.”

It’s the first international expansion of PayPal’s cryptocurrency offering outside of the US, and the company patted itself on the back, stating that with its launch there, “the exploration of cryptocurrency has the potential to become mainstream in the UK.”

Customers can start by buying as little as £1 of cryptocurrency through PayPal and can fund it through their bank account or debit card.

“If customers choose to sell cryptocurrency with this new service, funds are normally available quickly to spend in their PayPal account. There are no fees to hold cryptocurrency in a PayPal account. There are transaction fees and currency conversion fees for buying and selling applicable cryptocurrencies.”

In Monday’s announcement, PayPal also summarized its initiative in the US thus far:

“PayPal is one of the largest companies globally to enter the market for digital currencies with its announcement last October that it would allow its millions of U.S. customers to buy, hold and sell cryptocurrencies.

“This March, the company announced ‘Checkout with Crypto’— enabling customers in the U.S. to use their cryptocurrency alongside other payment methods in their PayPal wallet to make purchases at businesses around the world.

“In April, the company introduced crypto services on its mobile payment service Venmo in the U.S.”

The new offering will roll out in the UK starting this week and will be available within the next few weeks for all eligible customers directly in their PayPal account via the website and their mobile app.

See the full announcement on the PayPal website.

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Ina Steiner
Ina Steiner
Ina Steiner is co-founder and Editor of EcommerceBytes and has been reporting on ecommerce since 1999. She's a widely cited authority on marketplace selling and is author of "Turn eBay Data Into Dollars" (McGraw-Hill 2006). Her blog was featured in the book, "Blogging Heroes" (Wiley 2008). She is a member of the Online News Association (Sep 2005 - present) and Investigative Reporters and Editors (Mar 2006 - present). Follow her on Twitter at @ecommercebytes and send news tips to ina@ecommercebytes.com. See disclosure at EcommerceBytes.com/disclosure/.