Paypal Enables Cryptocurrency Payments at Millions of Stores With ‘Checkout With Crypto’ Launch

Paypal Enables Cryptocurrency Payments at Millions of Stores With ‘Checkout With Crypto’ Launch

Payments giant Paypal has launched the “Checkout With Crypto” service to allow consumers to make payments at millions of merchants using cryptocurrencies in their Paypal wallets. “This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your Paypal wallet,” said Paypal’s CEO.

Crypto Payments Through Paypal Now Enabled at Millions of Merchants

Paypal Holdings Inc. announced on Tuesday the launch of a new service called “Checkout with Crypto.” The announcement details:

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.

“Checkout with Crypto will automatically appear in the Paypal wallet at checkout for customers with sufficient cryptocurrency balance to cover an eligible purchase,” the announcement adds. “All transactions are settled in USD and converted to the applicable currency for the business at the standard Paypal conversion rates.”

The currently supported cryptocurrencies are bitcoin, bitcoin cash, litecoin, and ether. The crypto payment service will be available at all of its 29 million merchants in the coming months, the company told Reuters, adding that it will charge no transaction fee for payments using cryptocurrencies and only one type of coin can be used for each purchase.

Paypal’s crypto payment service launch followed Elon Musk’s Tesla accepting BTC as a means of payment for its cars. However, Paypal merchants will be receiving fiat currency whereas Tesla Technoking Musk said that his company will keep all the BTC payments without converting them into fiat currency. Visa is also working to allow bitcoin payments at 70 million stores.

Dan Schulman, Paypal’s president and CEO, told the news outlet ahead of a formal announcement, “This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your Paypal wallet.”

Schulman further opined:

We think it is a transitional point where cryptocurrencies move from being predominantly an asset class that you buy, hold and or sell to now becoming a legitimate funding source to make transactions in the real world at millions of merchants.

Paypal launched its crypto service allowing customers to buy and sell cryptocurrencies in October last year with a plan to enable all of its merchants to accept cryptocurrencies. The company set up a dedicated crypto business unit last month and early this month, it acquired crypto-security firm Curv to expand its digital asset initiatives.

What do you think about Paypal enabling crypto payments at millions of stores? Let us know in the comments section below.

Tags in this story

Image Credits: Shutterstock, Pixabay, Wiki Commons

Published at Tue, 30 Mar 2021 14:15:39 +0000

ALTCOIN NEWS BITCOIN NEWS BLOCKCHAIN NEWS CRYPTOCURRENCY NEWS ETHEREUM NEWS EXCHANGES NEWS LITECOIN NEWS MARKET NEWS REGULATION NEWS
Gamestop
Important Facts of Gamestop Entering into Cryptomarket
UniFarm
UniFarm Raises $2 Million After Launching Innovative Farming Pool Featuring 17 Top DeFi Projects
XRP, FTX Token, Waves Price Analysis
#HODL #SHILL YOUR SH*T COIN! #SPOTTED! #VIRALS BITCOIN SCAM WATCH FUN QUIZZES
bitcoin-scams
Top 5 Bitcoin Scams you should be aware of!
Instagram Influencer Accused of Scamming Followers Out of $2.5M In Bitcoin Scams
five assorted color cars parked inside room
WHAT WILL YOU BUY WITH YOUR BULL MARKET GAINS?
FAQ'S INTRODUCTION TO BITCOIN INTRODUCTION TO BLOCKCHAIN INTRODUCTION TO CRYPTOCURRENCY EXCHANGES
Cryptocurrency
4 Amazing Perspectives of Cryptocurrency Characteristics, Everyone Should know
How bitcoin Transactions Work
Bitcoin For Beginners: 5 Plus Important Reasons Why You Should Understand The Future Impact of Bitcoin On Society
blockchain
5 Important points about Blockchain, Cryptocurrency, and Bitcoin(Safe or Not)
EXCHANGES WALLETS
coinbase
4 Best Crypto Coins on Coinbase
flat lay gadgets beside bearded man
ULTIMATE LIST : BEST BITCOIN AND CRYPTOCURRENCY WALLETS 2021
person shopping online
2021 BEST BITCOIN AND CRYPTOCURRENCY HARDWARE WALLETS TO STORE YOUR COINS SAFE

Get more stuff like this
in your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.