Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies. PayPal allowed users to buy and sell cryptocurrencies last year. Reuters
Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies. PayPal allowed users to buy and sell cryptocurrencies last year. Reuters
Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies. PayPal allowed users to buy and sell cryptocurrencies last year. Reuters
Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies. PayPal allowed users to buy and sell cryptocurrencies last year. Reuters

PayPal to reportedly allow US customers to use cryptocurrency at checkout


Alkesh Sharma
  • English
  • Arabic

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.

PayPal is used by more than 375 million consumers and merchants in over 200 markets. AP
PayPal is used by more than 375 million consumers and merchants in over 200 markets. AP

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.

PayPal
PayPal

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.

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Skoda Superb Specs

Engine: 2-litre TSI petrol

Power: 190hp

Torque: 320Nm

Price: From Dh147,000

Available: Now

The specs: 2019 Mercedes-Benz GLE

Price, base / as tested Dh274,000 (estimate)

Engine 3.0-litre inline six-cylinder

Gearbox  Nine-speed automatic

Power 245hp @ 4,200rpm

Torque 500Nm @ 1,600rpm

Fuel economy, combined 6.4L / 100km

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UAE currency: the story behind the money in your pockets
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COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
UAE v Gibraltar

What: International friendly

When: 7pm kick off

Where: Rugby Park, Dubai Sports City

Admission: Free

Online: The match will be broadcast live on Dubai Exiles’ Facebook page

UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)

UAE currency: the story behind the money in your pockets
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Match info

Liverpool 3
Hoedt (10' og), Matip (21'), Salah (45 3')

Southampton 0

The Brutalist

Director: Brady Corbet

Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn

Rating: 3.5/5

Who has lived at The Bishops Avenue?
  • George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
  • Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
  • Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
  • Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills. 
Hunting park to luxury living
  • Land was originally the Bishop of London's hunting park, hence the name
  • The road was laid out in the mid 19th Century, meandering through woodland and farmland
  • Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds

 

Essentials
The flights

Return flights from Dubai to Windhoek, with a combination of Emirates and Air Namibia, cost from US$790 (Dh2,902) via Johannesburg.
The trip
A 10-day self-drive in Namibia staying at a combination of the safari camps mentioned – Okonjima AfriCat, Little Kulala, Desert Rhino/Damaraland, Ongava – costs from $7,000 (Dh25,711) per person, including car hire (Toyota 4x4 or similar), but excluding international flights, with The Luxury Safari Company.
When to go
The cooler winter months, from June to September, are best, especially for game viewing.