PayPal and Venmo, popular payment apps, will switch to a new way of charging for cryptocurrency transactions starting March 21.
With the current payment system, PayPal and Venmo take a percentage depending on the transaction amount:
- Less than $25 - a fixed commission of $0.5
- $25 to $100 - 2.3% of the amount
- $100.01 to $200 - 2%.
Starting in March, services will begin charging a fixed commission for crypto trades under $200.
• $1 to $4.99 - $0.49
• $5 to $24.99 - $0.99
• $25 to $74.99 - $1.99
• $74 to $200 - $2.49.
Transactions from $200 to $1000 will be charged a 1.8% fee. For transactions over $1000 you will have to pay 1.5% of the amount.
The company believes that such simple fee rules will be more suitable for customers.
PayPal began allowing users to trade cryptocurrencies on its platform in early 2021, and Venmo followed suit later in April 2021 year.
Subscribe to ForkNews on Telegram to stay up to date with news from the world of cryptocurrencies
You May Also Like
Square changes name to 'Block'
Jack Dorsey's payments firm is rebranding. The changes will take effect on December 10.
The largest cinema chain AMC Theaters has added support for cryptocurrencies
The company began accepting cryptocurrency. According to the official statement, they already account for 14% of all online transactions.
