Paypal integrates Venmo with Moonpay, allowing 60 million U.S. users to fund crypto transactions using Venmo balances, cards, and bank accounts.
Paypal has announced a new integration that allows Venmo users to fund transactions on the Moonpay platform. This update provides over 60 million Venmo users in the U.S. with an additional option for buying and selling cryptocurrencies. The new feature allows users to use their Venmo balances, linked bank accounts, credit cards, or debit cards to fund their Moonpay accounts.
Venmo Users Get Easier Access to Digital Assets via Moonpay
Moonpay is a financial technology company that allows users to purchase and sell Crypto and other digital assets. This integration opens a new front in the digital asset market. The new option comes after PayPal and Moonpay signed an agreement allowing PayPal users to fund Moonpay accounts.
The large Venmo user base now has more freedom in funding cryptocurrency transactions. This integration also helps users buy digital assets with money from their Venmo account without any hassle. As PayPal points out, this is an extra level of comfort and protection for the Moonpay platform, which is already popular with users for buying cryptocurrencies.
However, the implementation of integration has its limitations. The Venmo payment option is prohibited in New York or Texas because of state laws. Still, this is viewed as a major step in PayPal’s bigger picture of going deeper and wider into the world of cryptocurrencies. With expanding the number of opportunities to interact with digital assets, PayPal strengthens its position in the dynamically changing digital payment space.
Paypal Pushes Crypto Adoption with Venmo-Moonpay Integration
Adding Venmo as a payment option through Moonpay means that users can choose from a wider range of funding options for their crypto transactions. This is especially true as more people continue to use cryptocurrencies for their transactions. Increasingly, users are using Moonpay to buy and sell crypto, and now, they can do so with money from the popular payment app Venmo.
One way Paypal and Venmo have grown is through integrating their services, given that Paypal owns Venmo. This move shows Paypal’s concern about maintaining its position among the leading companies that embrace digital payments and cryptocurrency. The increasing usage of Venmo and Moonpay makes it possible for more advancements in the digital asset industry.
Ultimately, Venmo’s integration with Moonpay expands payment options and adds flexibility for U.S. users. While some limitations exist, the partnership marks an important milestone for Paypal’s efforts to make cryptocurrency more accessible.
