PayPal Gives US Customers Option to Check Out with Cryptocurrency
PayPal opened cryptocurrency trading to all users in the US back in November. It allows users to buy, sell and hold Bitcoin, Litecoin, Ethereum and Bitcoin Cash. Now, the digital payment platform is letting customers pay for purchases directly with cryptocurrency.
Customers who hold Bitcoin, Litecoin, Ethereum and Bitcoin Cas in PayPal digital wallets will now be able to convert their holdings into fiat currencies at checkouts to make purchases, the company said. The service, which PayPal revealed it was working on late last year, will be available at all of its 29 million merchants in the coming months, the company told Reuters.
“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 PayPal CEO Dan Schulman. “Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies.”
PayPal’s launch comes less than a week after Tesla Inc said it would start accepting bitcoin payments for its cars. Visa has also revealed that it’s running a pilot that will allow you to settle transaction with USD Coin.