In August 2023, PayPal made its mark in the crypto space by launching its new stablecoin, known as the PYUSD. This cryptocurrency is fully backed by US dollar deposits, US treasuries, and similar cash equivalents and seems solid enough to contend in the crypto market. For this reason, its reputation in the market increased in no time, attracting the attention of crypto traders and investors from around the world. Fortunately, PYUSD just became available for purchase in Africa, therefore, crypto enthusiasts in Africa can trade it on Bitmama. Let’s walk you through how to buy PYUSD in Africa in seconds.
What is a stablecoin?
Before we discuss how to buy PYUSD in Africa, you should know the meaning of stablecoins and why they are important. Stablecoins are a unique kind of cryptocurrency that is specially designed to have a constant value over time relative to a valuable asset, which is used to back it. For instance, the U.S. dollar is a relatively stable currency and can therefore be used to back a digital asset.
Generally, stablecoins protect you from volatility and can provide inclusive, wide access to the conventional financial system. Also, they allow fast and efficient cash movement, without any hassle. In addition, coins are programmable. This means that they can be integrated into public blockchain apps and smart contracts for different use cases. Some people believe them to be the key to linking the conventional finance economy and Web3.
What is PayPal USD (PYUSD)?
PayPal USD, also known as PYUSD, is a stablecoin that’s entirely backed by assets, such as US dollar deposits, US treasuries, as well as similar cash equivalents. This means that you can conveniently purchase and sell 1 PYUSD token for 1 USD on PayPal.
How to buy PYUSD in Africa in 6 Easy steps
Follow the steps below to buy PYUSD on Bitmama in 5 easy steps:
1. Download the Bitmama app and log in.
2. Navigate to the verification page in your ”Account” section. Click on the verification button to submit the necessary documents and verify your account up to level 3.
3. Fund your fiat wallet by clicking on fund on the home dashboard Bitmama fund your fiat wallet Bitmama fund your fiat wallet
4. Select “Fund with Bank Transfer” and follow the prompts till completion. Bitmama fund via bank transfer Bitmama fund via bank transfer
5. Return to your dashboard and select “Buy” Bitmama Buy Crypto Bitmama Buy Crypto
6. Select PYUSD and fill in the amount you wish to purchase. The cost will automatically be filled out. Note that you need to fill in a sum lower than the balance in your fiat wallet.
7. Click on “Buy” and follow the prompts till completion.
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Receive money from Paypal users with Bitmama
The integration of the PYUSD wallet on Bitmama means that Bitmama users can now easily receive money from PayPal users directly to their wallet. All they need to do is provide their PYUSD wallet address and PayPal users can send funds directly to them.
Besides receiving money with PYUSD, you can also:
- Purchase airtime/data
- Trade crypto (buying and selling)
- Gift a GreenBox
- Fund/create virtual cards
- Make general purchases And much more!
How to receive money with your PYUSD wallet
- Login to your Bitmama app
- Navigate to ” Wallet” and select ” PYUSD” under ” Crypto Wallets”
- Click ” Fund” and share your wallet address
- Instantly get credited when PayPal users initiate a transfer to your wallet
What payment methods can I use to buy PayPal USD (PYUSD)?
Listed below are some popular payment methods that you can use to buy PayPal USD (PYUSD) in Africa. Note that some exchanges don’t support some payment methods on this list, and the most reliable form of payment is using a virtual card or direct fiat.
1. Bank transfer
Bank transfers are generally a very secure payment method for buying PYUSD or any other kind of cryptocurrency in Africa, especially if you are considering buying large amounts of tokens. Nonetheless, you should note that bank transfers are generally slower and may incur high transaction fees, unlike other methods on this list.
2. Credit or Debit Card
Credit or debit card payment is another effortless way to purchase PYUSD as well as other cryptocurrencies if you live in Africa. Basically, most exchanges accept a Mastercard credit card or Visa card issued by your bank in your local currency.
3. Virtual Cards
Virtual cards are simply digital cards. They are digital versions of your debit/credit cards. Basically, these cards are the safest and most widely accepted payment options for buying PYUSD from a crypto exchange.
The benefits of PYUSD to African crypto enthusiasts abound. Since this crypto is a stablecoin, you can use it to protect your wealth from inflation and at the same time, make a reasonable profit from it. Also, this crypto facilitates fast, easy, and seamless cross-border transactions. Now that we’ve walked you through how to buy PYUSD in Africa, you should note that although stablecoins have a relatively stable value, they are still cryptocurrencies, which makes them prone to certain risks.
Bitmama offers a secure marketplace for crypto enthusiasts. Perform activities like crypto exchange and creating virtual dollar or crypto cards for online payment. Get started today by downloading the Bitmama app.
