by Joseph Young
The popular European-based bitcoin services provider Bitwala has launched a new service, allowing users to send money to any PayPal account internationally securely, with low transaction fees.
Using its newly released feature, users can top up PayPal accounts at 0.5% fixed fee, which includes exchange and conversion fees.
“We don’t take over any exchange fees that might be charged by PayPal for the currency exchange,” says the Bitwala team.
“For only 0.5% fee we transfer Bitcoin to PayPal accounts you want. You don’t need a bank account or a credit card. Bitcoin makes services like PayPal accessible for anyone worldwide. It doesn’t matter if you are rich or poor. With Bitcoin we don’t have to make sure you are solvent. The only thing we have to care about is if the Bitcoins are real or not.”
Despite the efforts of emerging bitcoin startups to offer efficient bitcoin and financial services, a significant gap between the traditional and new payment networks and systems still exist.
Bitwala aims to bridge this gap, by allowing bitcoin users and Bitwala account holders to send payments to PayPal, which is still arguably the preferred payment method of most online businesses and merchants.
The launch of PayPal-to-Bitcoin service follows the firm’s recent success over its expansion throughout many European countries, including the U.K, Switzerland, Denmark, Sweden, Poland, and Croatia.
In Europe, there is a substantially large contrast of bank account/credit card penetration between neighboring countries. With the launch of its PayPal-to-Bitcoin service and increasing user-base, the firm aims to make bitcoin accessible to anyone, especially to the underbanked and underserved populations in European countries.
“One of our big goals at Bitwala is to make the benefits of Bitcoin accessible to everyone, especially those without a bank account. Transferring money abroad is quite pricey when you have a bank account, but will cost a fortune when you do not,” said Joerg Minckwitz of Bitwala.