PayPal launches “Checkout with Crypto” in the US
PayPal launches “Checkout with Crypto” in the US
This new service allows PayPal users to use crypto to pay millions of merchants that utilise PayPal’s services. PayPal has confirmed its plans to expand its crypto payment options to all of its users sometime in the future. Cryptocurrencies will be converted to fiat currencies, such as the US dollar, at checkout so that PayPal’s merchants are paid in regular fiat cash. Â
PayPal’s adoption of major cryptocurrencies makes it easier than ever for consumers to utilise cryptocurrencies in day-to-day applications. This addition should make cryptocurrencies a lot more usable as currencies and may help to increase their value moving forward.Â
US users of PayPal will need enough cryptocurrency of a single type to cover their cryptocurrency transactions. Right now, cryptocurrencies cannot be mixed and matched with other payment types to complete transactions.Â
PayPal Holdings, Inc. (NASDAQ: PYPL) today announced the launch of Checkout with Crypto, a new feature which significantly expands the utility of cryptocurrency. Available at millions of global online businesses and continuing to expand over the coming months, PayPal customers with cryptocurrency holdings in the U.S. will be able to choose to check out with crypto seamlessly within PayPal at checkout.
Building on the ability to buy, hold and sell cryptocurrency with PayPal, customers using Checkout with Crypto can check out safely and easily, converting cryptocurrency holdings to fiat currency at checkout, with certainty of value and no additional transaction fees. Checkout with Crypto will automatically appear in the PayPal wallet at checkout for customers with sufficient cryptocurrency balance to cover an eligible purchase.
“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,” said Dan Schulman, president and CEO, PayPal. “Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies.”
With Checkout with Crypto, cryptocurrency is another way for customers to pay and businesses to get paid, adding enhanced utility for cryptocurrency holders.
Â
PayPal’s “Checkout with Crypto” option adds support for the current valuation of today’s cryptocurrencies, which may help stabilise the value of Bitcoin and other major cryptocurrencies. In time, VESA and Mastercard will also add support for cryptocurrencies to their network, adding even more backing to the world’s digital currencies. Â
You can join the discussion on PayPal’s new “Checkout with Crypto” option on the OC3D Forums.Â