Payment giant Paypal has launched Checkout With Crypto, a service that allows consumers to make payments to millions of cryptocurrency merchants in their Paypal wallets. This is the first time you can use cryptocurrencies in the same way as a credit or debit card in your Paypal wallet, the Paypal CEO said.
Crypto payments via PayPal now available on Merchant Millions
Paypal Holdings Inc. announced Tuesday the launch of a new service called Checkout with Crypto. Advertising details:
Available in millions of online stores around the world and expanding further in the coming months, Paypal customers with crypto-currencies in the United States will be able to choose to pay for their purchases with crypto-currencies flawlessly within Paypal at checkout.
The cryptocurrency payment will automatically appear in the Paypal wallet at the time of payment for customers with enough cryptocurrency balance to cover the purchase price, the announcement added. All transactions are calculated in U.S. dollars and converted to the corresponding business currency at Paypal’s standard exchange rate.
The cryptocurrencies currently supported are Bitcoin, Bitcoin Cash, Litecoin and Ether. The cryptocurrency payment service will be available to all 29 million merchants in the coming months, the company told Reuters, adding that there will be no transaction fees when paying with cryptocurrencies and only one type of coin can be used for each purchase.
The launch of crypto-currency payment service Paypal follows Elon Musk’s Tesla’s acceptance of BTC payments for its cars. However, Paypal traders will receive the fiat currency, while Tesla Technoking Musk said his company will keep all BTC payments without converting them to fiat currency. Visa is also working to enable bitcoin payments in 70 million stores.
Dan Schulman, president and CEO of Paypal, said in a press release before the official announcement: This is the first time you can easily use cryptocurrencies as a credit or debit card in your Paypal wallet.
Shulman gave his opinion:
We believe this is a transition point where cryptocurrencies are shifting from an asset class to buy, hold or sell to a legitimate source of funding for real world transactions with millions of traders.
Last October, Paypal launched a crypto currency service that allows customers to buy and sell cryptocurrencies and plans to have all of its merchants accept cryptocurrencies. Last month the company launched its own crypto division, and earlier this month it acquired crypto company Curv to expand its digital asset initiatives.
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