PayPal’s Crypto Service is Going to Be a Big Hit

A new survey of 3,000 US consumers conducted by Cornerstone Advisors and FICO found that:

  • 60% of smartphone owners have the PayPal app installed on their smartphone.
  • 14% of PayPal users already own some form of cryptocurrency (in contrast to 8% of non-PayPal users). Of those PayPal users, 53% of them used Bitcoin to buy products or services in the past year, and two-thirds plan to in the next year or two.
  • Another 15% of PayPal users intend to purchase or invest in cryptocurrency in the next 12 months—and half of them expect to make retail purchases with Bitcoin in the next year or two.
  • $31.2 billion worth of retail products and services were purchased in the past year using cryptocurrencies by all Americans. PayPal users accounted for 74%—$23.1 billion—of that amount.

PayPal’s new service eliminates two hurdles regarding the use of cryptocurrencies for retail purchases: 1) Getting cryptocurrency into a form that’s usable for retail purchases, and 2) Merchant acceptance of cryptocurrency as a form of payment.

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