PayPal UK introduces digital wallet with fund-raising app – Yahoo Finance

PayPal has introduced a new intelligent digital wallet with a charity app for its users in the United Kingdom.
Through the “PayPal Generosity Network”, UK users will now be able to pay with QR codes for purchases and redeem rewards in-store, access and manage credit, as well as buy, hold and sell crypto.
The app also sports a charity function that enables users to create customised community fundraising campaigns.
PayPal already offers discounted transaction rates for the UK registered charities and non-profit organisations for most products (1.4% +20p per transaction) with no monthly fees.
According to the company, there is also a new dashboard included that will provide a personalised view of a customer’s PayPal account “including an at-a-glance carousel providing a snapshot of PayPal balance and upcoming ‘Pay in 3’ instalments”.
Dan Schulman, president and CEO of PayPal, said the company was excited to introduce the first version of the new PayPal app, a one-stop destination for our customers to take charge of their everyday financial lives.
“Our new app offers customers a simplified, secure and personalized experience that builds on our platform of trust and security and offers PayPal customers in the UK new ways to support the causes close to their heart, send and receive money, buy, hold and sell crypto, manage Pay in 3, pay with QR Codes and much more in one app,” he said.
Last week, this US payment giant launched its cryptocurrency service in the UK and enabled UK users to buy, hold and sell digital currencies.
In its Irish offices in Dublin and Dundalk, the company has begun hiring cryptocurrency experts in roles such as compliance and anti-money laundering checks as well.
Paypal started its crypto operations in the US in October last year and announced last month that it would soon do the same across the Atlantic.
PayPal (NASDAQ: PYPL) dropped by close to 2.5% in Monday trading amid a generalized sell-off. Since its spinoff from eBay (NASDAQ: EBAY) in 2015, the fintech's stock price has surged more than 625% amid the rising prevalence of financial technology, even after a 13% drop from highs set earlier this year. Financial technology is vast in scope, and has already attracted numerous PayPal competitors to the field.
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