PayPal announced that the company will be increasing the daily payment limits for its users in the United States. The reason behind this is the company looking forward to offering more relaxation and flexibility to its customers, by making direct crypto buying and selling easier. PayPal’s new limit is $100,000 per week, however, there hasn’t been any annual limit setup for the process of direct crypto trading.
The U.S based online payment provider said in its recent statement that the main purpose behind initiating these changes is to provide our customers with more options and control over their investments. It will make purchasing and selling easy for our customers, the company further added.
The company will soon update the app and the educational material available on the company’s website will also be updated. PayPal started to support Cryptocurrencies back in October 2020. Later on, PayPal decided to support crypto purchases via their platform. Traders were also provided with the opportunity to exchange their crypto assets with cash by using PayPal.
At that period, the movie was considered a massive step to bring bitcoin to the mainstream economy, and it played a significant role in the legislation of the crypto market. This was the time when bitcoin was trading around $60,000, the highest price tag bitcoin has even touched.
Other than the weekly limit, the company removed its financial limit also. It can be said that this decision will help PayPal to attract more and more customers. PayPal will earn after every single purchase made by its customers. It’s a win-win situation for both parties. However, this act will enhance financial transparency and will provide customers protection against hacking or digital scam.
PayPal is the fourth biggest payment company provider that has developed relations with crypto exchanges to further simplify the pay-related complexities regarding the cryptocurrency.
Previously The Visa, Master Card, and Skrill have also announced that they will soon be launching their digital wallet debit cards to support crypto transactions.
This is without any doubt one of the biggest reliefs for crypto users. They do not have to rely on the centralized crypto exchanges for making the transactions anymore. The experts do believe that this digital revolution and fast pace crypto mining will change the future dynamics of digital trading.
Digital Debit Cards will enhance the security of online payment methods. And people will be joining the digital world faster than anyone is imagine. However, due to the recent slumps in the prices. PayPal’s share closed at 1.4% lower. But the company seems to be optimistic about increasing the weekly payment limit.