FinTech company PayPal will reportedly offer its US customers an option to use digital currencies in their wallets to pay for purchases at online merchants as part of its push into cryptocurrencies.
Customers who hold cryptocurrencies such as Bitcoin, Ethereum, Bitcoin Cash and Litecoin in PayPal’s digital wallets will be able to convert them into fiat currencies at checkouts to pay for their purchases, Reuters reported.
PayPal, which went public in February 2002, is expected to make an official announcement later today.
“This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet,” Dan Schulman, PayPal’s president and chief executive, told Reuters.
Cryptocurrencies received a major boost when PayPal, which is used by more than 375 million consumers and merchants in more than 200 markets, said it will provide a service allowing users to buy, hold and sell digital currencies last year. The company also created a dedicated business unit to focus solely on blockchain and crypto.
“We think it is a transitional point where cryptocurrencies move from being predominantly an asset class that you buy, hold and or sell to now becoming a legitimate funding source to make transactions in the real world at millions of merchants,” Mr Schulman said.
Paypal’s shares were down more than 2 per cent at $235.7 at the end of trading on Monday. The company’s stock has gained more than 140 per cent over the past 12 months.
The FinTech company has pressed ahead with plans to offer crypto services to investors after it backed out from Facebook's cryptocurrency project Libra amid regulatory pressure.
Earlier this month, PayPal agreed to buy Israeli cryptocurrency security firm Curv to strengthen its presence in digital tokens industry.
The deal will help PayPal “accelerate and expand” its initiatives to support cryptocurrencies and digital assets, the San Jose-based company said in statement that time.
Last month, it said customers who buy cryptocurrency have been coming to the platform at a rate twice their login frequency prior to the availability of this feature.
It also posted strong earnings in the fourth quarter of last year as the company saw payment volumes boom amid the Covid-19 pandemic. Its October-December period net profit surged 209 per cent year-on-year to $1.6 billion. Revenue during the period soared 23 per cent annually to more than $6.1bn.
PayPal also added 72.7 million new users and handled payments worth $936bn last year.
Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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7.
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Singapore
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8.
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Australia
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9.
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Saudi Arabia
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10.
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South Korea
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In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
EMERGENCY PHONE NUMBERS
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
More from Rashmee Roshan Lall
SPECS
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Wydad 2 Urawa 3
Wydad Nahiri 21’, Hajhouj 90'
Urawa Antonio 18’, 60’, Kashiwagi 26’
UAE currency: the story behind the money in your pockets
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
UAE currency: the story behind the money in your pockets
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
Islamic%20Architecture%3A%20A%20World%20History
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Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
