Netherlands-based payment service provider Bitwala has announced a new service that will enable users to send digital currency to any PayPal account all around the globe. The launch of the feature is a part of Bitwala’s strategy to make payment services available to all bitcoin users.
To transfer the funds, you don’t need to have a credit card or a bank account, just a PayPal email address. The currency conversions are implemented by PayPal, which sets its own exchange rates.
Currently, Bitwala charges only a 0.5% fee for each transaction, what is now the lowest fee on the market. At the time of the launch, the company’s transaction fees were rather higher and totaled 3%, but Bitwala reduced the fees after getting the customer feedback.
The company noted that all transfers to PayPal accounts will be realized with EUR. “We are able to top up PayPal accounts in any currencies, but please be aware that we only guarantee the price denominated in Euro. We don’t take over any exchange fees that might be charged by PayPal for the currency exchange,” Bitwala stated in a blog post.
Bitwala CEO, Jörg von Minckwitz, told CryptoCoinsNews that the company faced some legal problems while establishing the service. “Since we are dealing with PayPal and Bitcoin, the legal frame work was not clear. Now, our lawyers have given the go-ahead to release the new feature,” Minckwitz said. Besides, he unveiled the plans to expand the company’s services to Asia and Africa.
Bitwala allowed its users to send money via email in July, when the company launched its EmailPay service. The program simplified the process of paying bills with the use of virtual currency. Registered users can transfer up to 50 000 EUR per month to the European Commission’s Single Euro Payments Area.
The platform was mainly developed to let customers pay bills in 19 states of the Eurozone. Bitwala believes the use of EmailPay will increase adoption of bitcoin in the European Union.
Last month, Bitwala announced that it teamed up with BitPay payment processor. “We are now proud to announce that we have made one of our biggest steps since we were founded this past March. From today on, all Euro transfers will be handled by our long time partner BitPay and we will be able to provide you the best exchange rate out there,” the company stated in a blog post.
Founded in 1998, PayPal is now the largest online payment website with more than 230 million users globally. In 2014, the firm generated about $7.9 billion of profits.