PayPal, Venmo Add Ethereum Name Service for Simplified Transactions

Key Points:

• PayPal and Venmo have integrated Ethereum Name Service to allow users to send crypto payments using simple ENS usernames instead of long wallet addresses.
• The feature simplifies transactions and reduces errors, enabling users to enter an ENS name to automatically retrieve linked wallet addresses.

According to a release by ENS Labs, U.S. payment giants PayPal and Venmo have implemented Ethereum Name Service, ENS, integration that will allow users to send crypto payments using ENS usernames.

Read more: Ethereum Name Service Is Expected to Transform to Layer 2

PayPal, Venmo Add Ethereum Name Service Integration

The integration makes companies easier to transfer crypto because users won’t have to manually input long wallet addresses anymore.

The update will allow PayPal and Venmo users to directly type in the recipient’s ENS name in the search field when making a crypto payment. Platforms auto-populate and attach the ENS name to the correct wallet address. First released in the U.S., the feature targets making it easier to manage cryptocurrency transactions while reducing chances of errors that can easily occur in typing complex wallet addresses.

According to ENS Labs, they had to manually type or paste wallet addresses earlier, although QR code scanning is used, which in many cases results in errors or delays in the processing of such transactions. The new system was going to promise a smoother and friendlier approach, hence an improved crypto users’ experience was set on the platform.

Ethereum Name Service Integration Makes Crypto Payments More Secure and Convenient

Ethereum Name Service, initially launched in 2017 with funding support from an Ethereum development grant, has registered over 2 million names on-chain and another 4 million off-chain. In particular, it assigns normal, readable usernames such as “coincu.eth”-to users’ crypto wallets, which swap out difficult-to-read-and-remember alphanumeric blockchain addresses, making transactions considerably more intuitive.

Both PayPal and Venmo, which began supporting various cryptocurrencies back in 2021, see the move as another step forward in making crypto payments more accessible. The companies are making facilitating crypto transfers easier and less error-prone for their users by tying wallet addresses to ENS names.