PayPal has finally unveiled its new service that allows users to pay for goods using their crypto holdings with millions of online merchants.
The online payments company has finally added a new ‘Checkout with Crypto’ feature, which will be made available to US customers starting Tuesday. The latest service will allow PayPal users holding bitcoin, ethereum, litecoin, and bitcoin cash in the wallets to exchange their tokens for US dollars or other currencies to make purchases, with no transaction fees attached.
The latest service will be automatically enabled in user’s PayPal accounts, and the option will be made available to all 229 million of the fintech’s merchants. However, according to the company, customers are only allowed to use one type of cryptocurrency for each transaction. “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,” PayPal President and CEO Dan Schulman, told Reuters.
PayPal announced its support for cryptocurrencies back in October, when it said it will begin allowing the platform’s users to purchase, sell, and hold bitcoin, ethereum and other cryptocurrencies. With PayPal’s user base exceeding 377 million accounts globally, the announcement helped boost the ongoing crypto rally. News of the latest feature sent bitcoin prices higher to around $58,600, while ethereum rose to approximately $1,830.
Information for this briefing was found via Reuters. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.