PayPal, the digital payment platform launched a new crypto-based service to allow US customers to pay with cryptocurrency at millions of online businesses: Checkout With Crypto.
With this new feature, customers can convert their cryptocurrency to fiat currency at checkout without incurring additional fees, facilitating the acquisition of goods and services for cryptocurrency holders.
Dan Schulman, PayPal’s president and CEO, referred to the new feature by stating:
“As the use of digital payments and digital currencies accelerates, the introduction of Checkout with Crypto continues our focus on driving mainstream adoption of cryptocurrencies while continuing to offer PayPal customers choice and flexibility in the ways they can pay using the PayPal wallet. Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies.”
By offering users the option to use cryptocurrency or fiat on checkout, PayPal is taking advantage of the increasing popularity of cryptocurrencies, with the payment giant becoming one of the first major players to offer such a feature.
Checkout With Crypto will support Bitcoin, Bitcoin Cash, Ethereum, and Litecoin at the time of launch, with only one of them being available to pay at any given time.
The selected currency will then be converted to fiat if enough funds are available, with no fee being charged and all of the benefits PayPal offers its users when paying with fiat.
Allowing Merchants to Benefit From Crypto Without Holding it
While the acceptance of cryptocurrency as a payment method has been on the rise over the last years, many merchants are still skeptical or unable to join the bandwagon, preventing interested customers from using digital currency to pay for their products and services.
PayPal’s new features will allow these merchants to benefit indirectly from crypto while receiving US Dollars as payment, creating new opportunities for…