Buying Bitcoin through more convenient and conventional payment solutions can be a struggle for digital currency enthusiasts, depending on their location. Luckily, services such as Wirex make it easier to do so, as they announced a new feature to buy Bitcoin through PayPal. What is even more important, they have come up with a way to keep the fees on the low side. This new feature will be available to Wirex in over thirty countries starting today.
Wirex Enables Bitcoin Purchase via PayPal
After rebranding from E-Coin to Wirex, it became apparent the new company has some major plans to put Bitcoin on the radar of everyday consumers. By making the purchasing of digital currency more convenient for customers in over thirty countries, this could be a significant step forward for the Bitcoin ecosystem in general.
Keeping in mind how PayPal is one of the most popular online money transfer services, integrating this functionality is a strategic move by Wirex. Most people in the Bitcoin world know PayPal because of the high chargeback and fraud rates, making it rather risky to deal with this type of payment option as far as Bitcoin is concerned. After all, Bitcoin has no charge-backs when used as a digital currency.
Among the locations where this Bitcoin-for-Paypal service is available are Georgia, Turkey, Malta, and Saudi-Arabia. Some of the more prominent Bitcoin places, such as the United States and Western Europe, are excluded from this list for the time being. Then again, Bitcoin can make a bigger impact in Eastern Europe, Africa, and Asia, so it makes sense for Wirex to focus on those regions first.
For Wirex users looking to buy bitcoin with PayPal, they will need an active PayPal account, an E-Coin or Wirex account, and the E-Coin virtual Visa debit card. For those users who do not own the virtual card yet, they can order it from the website by clicking here. Moreover, the virtual card will need a balance of at least $3 USD to make the purchase, and the PayPal account will need to have a positive balance as well. Detailed instructions can be found on the company blog.
What is of particular interest is how Wirex does not charge a fee for buying bitcoin through PayPal, although the latter imposes a withdrawal fee of $5. Additionally, there is a minimum withdrawal threshold of $10 put in place, although that should not be a primary concern for people looking to buy bitcoin.
Rebranding Ongoing Until April 2016
This announcement by Wirex is just one of the many steps during their rebranding process, which will be completed in April of 2016. Adding a convenient way to purchase Bitcoin with PayPal is just one of the supported payment methods by the company, as users can also use bank transfers and other alternative payment methods to complete their purchase.
Further integration of all E-Coin services into Wirex will continue over the next few weeks, which will see all users, cards, and accounts moving over to the new Wirex platform, without interrupting the service. The mobile application for the new platform should be released to the public in the month of April as well.
What are your thoughts on Wirex integrating a PayPal payment option? Is this a feature you would use in the future? Let us know in the comments below!
Source: Press Release Via Email
Images courtesy of Wirex, Shutterstock