PayPal to let customers withdraw cryptocurrency
PayPal will allow customers to move cryptocurrency holdings off its platform via third party wallets. Currently, the San Jose, California-based online payments giant has enabled users to buy and sell digital currencies through PayPal since October 2020.
Ponte explained, “We want to make it as open as possible, and we want to give choice to our consumers, something that will let them pay in any way they want to pay.”
He continued: “They want to bring their crypto to us so they can use it in commerce, and we want them to be able to take the crypto they acquired with us and take it to the destination of their choice.”
No data has been announced in terms of when the feature will go live, but Ponte also confirmed that PayPay will allow customers to move Bitcoin and other cryptocurrencies to third party services will also apply to the platform’s popular mobile payments service Venmo.
The news follows on from PayPal’s recent announcement by CEO Dan Schulmen, that public demand for cryptocurrency services on the global payment platform has exceeded the company's expectations.
“Demand on the crypto side has been multiple-fold to what we initially expected. There's a lot of excitement,” Schulman said during an interview with TIME.
Rumour has it thatPayPal plans to launch its own stablecoin some time in the near future, but da Ponte downplayed the notion when asked about the prospect. “This is way too early,” he said.
Cryptocurrency made simple
- Cryptocurrency was first introduced in 2009 - with the launch of Bitcoin
- Cryptocurrency can be used in online transactions and has been referred to as the internet’s own virtual currency. As such, it exists in unique pieces that can be moved from one person to another, just like real cash
- Globally, an estimated 270,000 transactions of cryptocurrency occur every day
- Cryptocurrency uses blockchain technology in order to function as a transferable payment system.
- Blockchain is essentially an online ledger that records the passing of ownership of the cryptocurrency, from one person to another
- There are numerous cryptocurrencies and each form has a unique set of usage rules. See our analysis of the most unusual cryptos here.
- Cryptocurrency is bought and sold through special exchange platforms, the most popular of which are Bitfinex and Coinbase
Tink partners with Novalnet AG for open banking payments
The Munich-based fintech Novalnet AG, which was founded in 2007 and is one of Europe’s leadingfintech companies, has announced a new partnership with Tink, the Swedish open banking platform currently connected to more than 3,400 European banks.
Novalnet AG delivers payment solutions and fully automated services, from checkout to debt collection. Its solutions are also available worldwide.
According to reports, the fintech company plans to launch a real-time payments feature for merchants across Europe, to expand its current services and enhance the transaction experience it operates through its platform.
The new feature, says Novalnet, will revolutionise payments for ecommerce with transactions being credited to merchant’s accounts almost instantly.
Novalnet partnership with Tink
By partnering with Tink for payment initiation services (PIS) technology, Novalnet will take previous region-specific payment methods and offer a new unified digital payments service to its merchants across Europe.
The fintech’s real-time merchant payments feature, which will be launched initially in Germany and the United Kingdom, will then be integrated across other European markets during 2021.
Speaking about the new collaboration, Emmanuel Kirse, COO of Novalnet, explained, "We expect great things from our strategic partnership with Tink, which is a significant development for both parties.
“With Tink, Novalnet can offer a new set of open banking-related solutions in Europe. The new opportunities offered by this partnership will help both Tink and Novalnet grow together, along with our merchants."
Cyrosch Kalateh, Regional Director for the DACH region at Tink said, “Our partnership with Novalnet is a big step for Tink in the German market, and we are excited to work together to bring new, innovative payments services to merchants across Europe.”
He added, “At the end of 2020 Tink committed to expanding its payment initiation services from five to 10 markets, fuelled by an €85mn investment round. We are proud to add Germany to this list by announcing we have now fully launched Tink’s PIS services in this market.”
Image credit: Novalnet AG