PayPal is pioneering by putting Bitcoin as a payment method. Cryptocurrencies since the onset of the pandemic have risen explosively. The well-known payment platform has already applied its new service to its users in the US, according to a company announcement.
In particular, the new feature launched under the name “Checkout with Crypto” will allow customers who hold Bitcoin, Ethereum, Bitcoin cash, and Litecoin in PayPal digital wallets, to convert digital currencies into fiat money at the checkout to make their daily purchases.
PayPal’s New Service
US consumers will be able to use their cryptocurrencies to pay for the hundreds of online businesses PayPal works with, a move that could spur the use of digital currencies in online retailing. During purchase, it will even appear automatically if the user has sufficient cryptocurrency balance to cover it.
“As the use of digital payments and digital currencies accelerates, the introduction of Checkout with Crypto will focus on adopting cryptocurrencies for everyday transactions while offering PayPal customers even more flexibility on payment methods through our digital wallet […] This is the first time customers will be able to use cryptocurrencies seamlessly, in the same way they use a credit or debit card through PayPal”.PayPal CEO, Dan Schulman
The service will become available to all 29 million merchants the company works with within the coming months, according to the company.