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It's only "dollar-backed" if PayPal guarantees to convert the coin to dollars on demand. Anything short of that is marketing.
by vannevar 3y ago
It's only "dollar-backed" if PayPal guarantees to convert the coin to dollars on demand. Anything short of that is marketing.
- toomuchtodo 3y agoPayPal sees the writing on the wall with FedNow. Desperately attempting to remain relevant when the Fed provides instant payment and value movement rails. They'll attempt to skim off their stablecoin transactions and keep value on their platform vs at banks, credit unions, or brokerages: > Customers will be able to use PYUSD to purchase products, send from person-to-person, transfer to other wallets, and can be converted to or from other cryptocurrencies that PayPal supports.
- rvz 3y ago> Desperately attempting to remain relevant when the Fed provides instant payment and value movement rails. How exactly? FedNow doesn't work outside of the US.
- deleted 3y ago[deleted]
- constantcrying 3y ago>FedNow doesn't work outside of the US. And Europe has IBAN transfers, which didn't kill Paypal. Although I am not quite sure why paypal hasn't been killed. Using my bank account is almost always as simple as paypal and most stores offer some form of it.
- consumer451 3y agoI have been in the EU a lot over the last few years and no one I know uses anything but direct bank transfers. I don’t think any of my EU friends have a paypal account.
- ilikeitdark 3y agoI'm from the USA but been living in Spain for ages, and I'm the only one I know that uses PayPal. Everyone does bank transfer.
- ekabod 3y agoI don't think you have been to France. I am french, and I use Paypal all the time because I don't want to give my CC numbers and a majority of online store offer Paypal as an option to pay. Direct Bank transfer to pay online is not widely offered.
- consumer451 3y agoI have not spent much time in France, and I guess that use Apple Pay to accomplish the same goal of not sharing credit cards.
- worklaptopacct 3y agoDepends on the country. In Poland, most banks use a standardized interbank instant cheque system which is integrated with your phone number, and everyone would use that for settling small sums between each other. Sweden has a similar system that's even more flexible. Meanwhile, German banks offer a similar solution (giropay), yet - in this privacy-obsessed society - everyone uses PayPal instead.
- constantcrying 3y ago>yet - in this privacy-obsessed society - everyone uses PayPal instead. I don't get why to be honest. Banks are far more regulated than Paypal...
- JohnFen 3y agoI know someone who uses it because they can't get a bank account. If you're unbanked, your options are pretty limited.
- toomuchtodo 3y agoCan you share why they can’t get a bank account?
- JohnFen 3y agoI don't know the details, unfortunately, but I know it's connected to a financial disaster they suffered. It's not as rare as you might think, though. 4.5% of US households are unbanked.
- constantcrying 3y agoValid reason I guess. Being unbanked should certainly be illegal.