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PayPal officially allows consumers in the US to use supported cryptocurrencies to make online payments at 29 million partner stores globally.
Accordingly, users holding Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) in the PayPal application will be able to convert these currencies into fiat for payment. These are the 4 cryptocurrencies announced by PayPal to support buying, selling and transferring money on its app in October 2020, as reported by CHK.
Checkout with Crypto will soon expand to all 29 million payment processor partner stores this year.
Today, we are announcing the launch of Checkout with Crypto, a new way for PayPal customers to check out with #Cryptocurrency to pay for select online purchases. https://t.co/RbOe8aLtlz pic.twitter.com/zGWHgbwVlU
– PayPal (@PayPal) March 30, 2021
PayPal CEO Dan Schulman said:
“This is the first time consumers can use cryptocurrencies to make payments through simple PayPal Like swiping a credit or debit card. ”
Mr. Schulman himself was Perform a trial payment transaction in cryptocurrency through PayPal’s Checkout with Crypto service, in which he used BTC to buy a pair of boots for $ 299.
In particular, PayPal will not charge fees when paying with cryptocurrencies, but only allows the use of one coin per transaction.
And yet, the conversion of cryptocurrencies back to fiat before making payments shows the intention of protecting the interests of both consumers and crypto-accepting stores by eliminating the price volatility factor. One of the biggest hurdles hindering the adoption of cryptocurrencies is the volatile nature of cryptocurrencies. With the above process, PayPal hopes to be able to completely eliminate the problem of price fluctuations for business partners.
Mr. Schulman added:
“We think it is time for cryptocurrencies to go from an asset class to buy, sell or hold to become a legitimate trading tool with millions of real-world stores.”
With the latest move, PayPal has transformed itself into one of the largest organizations to accept cryptocurrencies as well as promote cryptocurrency payments on a global scale.
The Bitcoin (BTC) price had an instant positive change in the wake of the news, rising $ 1,200 in just 15 minutes.
Earlier, on March 29, another giant in the online payment industry, Visa, announced that it had successfully tested payments in stablecoin USDC. Last week, Tesla also began accepting Bitcoin payments for its commercial vehicles.
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