As one of the most popular fintech businesses in the world, PayPal has sought to continually improve and expand its service offerings. The company recently announced that it would be strengthening its services with the help of cryptocurrency. This will allow its users to transfer, send and receive cryptocurrencies such as Bitcoin and Ethereum. Considering that this was one of the most popular requests from customers, it seems that PayPal has indeed taken their feedback on board. Consequently, this enforces the company’s drive to create a financial system that’s effective and inclusive to its users. 

What makes PayPal successful?

In recent years, PayPal has become an increasingly popular payment method. As a result, the company has attracted the attention of various other industries such as e-commerce. For example, its e-commerce software is proven to drive the growth of sales as well as provide a safer, faster and overall better checkout experience for customers on a global scale. 

PayPal’s success has also seen a surge in online casinos that utilise its services as part of their payment offerings. One of the main reasons for this is that players are able to make deposits and withdrawals faster and more efficiently. For example, major casino sites such as Buzz Bingo provide users with the opportunity to play bingo online by offering PayPal as part of their selection of payment methods. This allows players to access their favourite games such as Rainbow Riches or Fishin‘ Frenzy and other classics with ease and convenience. 

On a broader scale, PayPal is a major advantage to casino sites and their users. This explains why there has been an increase in the number of online casinos in the UK using PayPal as a payment method. However, although PayPal has reached a good level of success, there’s no denying that it could benefit from working closely with cryptocurrency. 

Highly secure

To ensure that payment is highly secure for players, PayPal only uses minimal user information such as an email address and password. This prevents gamers from getting hacked. In the same way, cryptocurrency is also very secure in that it uses encryption to verify transactions, which provides security and safety to its users. Hence, the implementation of cryptocurrency provides PayPal users with an extra layer of protection, ensuring that no potential security bridges occur.

Authentication checks

Another advantage of using PayPal is that it requires authentication checks to be carried out prior to accessing an account making it extremely difficult for hackers to gain access to a user’s profile. In the same way, cryptocurrency protects its users through the use of blockchain authentication. It is expected that blockchain will become the next digital technology to authenticate the identity of online users without the use of a login or password. Hence, this could further ensure that the personal data of PayPal users are fully protected.

Faster transactions

In 2019, the fintech giant introduced its instant transfer feature, which expanded its current payout features. This now gives users the ability to move money between their PayPal wallet and their bank account or debit card in just a matter of minutes. Moreover, considering that in 2021 19 billion transactions occurred on PayPal alone it solidifies the platform’s success. Similarly, when it comes to crypto such as Bitcoin, the average time for a transaction to be completed is around just 10 minutes.

Overall, it is clear that there are major advantages of PayPal and crypto working hand in hand with one another. For instance, not only do users benefit from safe and secure payment methods but also solid authentication checks and faster transactions. Consequently, the introduction of cryptocurrency to PayPal provides users with extra protection and a better user experience.