It is not news that tons of Nigerians are using PayPal but can’t withdraw PayPal funds on to the bank account; numerous have resolved to be using alternate ways of cashing out through a secure means.
But that’s close to change because PayPal is considering integrating direct crypto sales into its platform.
According to an industry expert, its 325 million user base will soon be ready to buy and sell crypto directly from PayPal and Venmo, a well-liked digital wallet payment app with over 40 million users, which facilitated over $30 billion in payments within the Q1, 2020, owned by PayPal.
As significant as this move is going to be to the users globally, this also exposes an enormous opportunity for Africa considering that PayPal has for an extended time watching the unbanked mobile users in emerging markets as an enormous opportunity.
It is unclear which or what percentage cryptocurrencies would be available. The industry source said they expected PayPal “would be working with multiple exchanges to source liquidity.”
A second source confirmed that PayPal is looking to supply buying and selling of crypto and said the service might be expected “in the subsequent three months, maybe sooner.”
PayPal declined to discuss the plans.
If these plans eventually come to pass, you recognize longer got to worry about withdrawing your PayPal fund to your checking account as you’ll have a chance to exchange to Bitcoin or the other accepted cryptocurrencies, then withdraw on to your checking account with ease.
Let us know what you think?