MoonPay has officially extended PayPal payment options to its customers in the UK and EU, according to a press release shared by the team on Wednesday. The expansion allows users in 24 EU member states, excluding Croatia, Hungary, and Iceland, to buy crypto via their PayPal accounts.
The rollout, which will progress over the coming weeks, follows a successful US integration last month. According to MoonPay, PayPal has surged to become the third most preferred payment method in the US, surpassing Google Pay.
MoonPay’s data reveals 90% transaction follow-through for users linking their PayPal accounts and a 1.3 times higher conversion rate for PayPal-first customers compared to card users. MoonPay also notes a shift in demographics, with the average age of the new user base being 35.
“The success of our PayPal partnership speaks volumes about the value we’re creating together,” expressed Ivan Soto-Wright, MoonPay’s co-founder and CEO. “Expanding our collaboration to new markets is an incredibly exciting milestone for us.”
The integration streamlines the crypto purchasing process for existing PayPal users, allowing them to use their PayPal Balance, bank withdrawals, or debit cards without manual entry of payment details.
MoonPay has been a prominent player in the crypto sector since 2019. It seamlessly facilitates buying and selling popular cryptocurrencies like Bitcoin and Ethereum through various convenient payment methods. These include credit cards, bank transfers, and popular mobile wallets like Apple Pay and Google Pay.
This latest partnership expansion aligns with MoonPay’s goal of extending its partner network by mid-2024, according to the company.
In April, MoonPay announced an expanded partnership with Ledger to include Swaps and Sell features.
Despite a competitive fintech landscape, MoonPay remains confident in its user-centric approach. The company plans to further expand its platform to support a wider range of digital assets.