Digital Assets: U.S. Shoppers Can Now Pay With PayPal’s New “Checkout With Crypto”
Inside the app, just convert any one of Bitcoin, Litecoin, Ethereum, or Bitcoin Cash into fiat and pay instantly.
PayPal (NASDAQ: PYPL) has made it possible for its U.S. account-holders to pay for their online shopping using cryptos. The new feature, dubbed “Checkout with Crypto,” allows PayPal customers to instantly convert their crypto holdings of Bitcoin, Litecoin, Ethereum, or Bitcoin Cash into a fiat currency such as the U.S. dollar and pay for their order. (PayPal)
When a customer chooses to pay, Checkout with Crypto will automatically appear in the PayPal wallet at checkout provided there is sufficient cryptocurrency balance to cover an eligible purchase. The conversion will entail no additional fees, though a conversion “spread” will be built into the transaction.
Basically, Checkout with Crypto offers customers the ability to sell cryptocurrency through PayPal to then pay a business for select online purchases in one seamless checkout flow.
The facility is now available to millions of global online businesses and will be expanded over the coming months.
Cryptos in the mainstream?
Dan Schulman, president and CEO, PayPal, said the launch of Checkout With Crypto would add new ways of using the PayPal wallet. It would also meet the demand from customers due to the accelerating use of digital payments and digital currencies.
He added that Checkout With Crypto would further PayPal’s mission to drive the mainstream adoption of cryptocurrencies.
Businesses to benefit from Checkout With Crypto
“Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies,” Schulman said.
No additional charges are imposed on a business when a customer chooses to pay with cryptos. The business receives US Dollars or the applicable currency at standard conversion rates.
Bitcoin is all charged up
The news of the integration of cryptos into PayPal’s wallet was highly bullish for the price of bitcoin, the leading cryptocurrency.
At the time of writing, bitcoin is trading at $59,129 – up 2.04%.
Related Story: Bitcoin Soars 4% As Visa Announces Payments In USD Coin
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