PayPal is expanding its cryptocurrency capabilities by enabling US users to use digital currencies to fund purchases.
A new feature called “Checkout with Crypto” allows PayPal customers with Bitcoin, Ethereum, Litecoin, or Bitcoin Cash in their accounts to use those holdings to pay globally with millions of online merchants. Once you purchase, users can select crypto options at checkout, and PayPal instantly converts cryptocurrency to US dollars without additional transaction fees. The process is designed to be seamless, allowing users to choose their preferred payment format, whether in crypto or traditional currency, in their PayPal wallet.
PayPal CEO Dan Schulman said the move is a step towards adopting the mainstream digital currency, calling it a transition point, moving from the majority of cryptocurrencies to be purchased, held or sold to a class that will become a legal source of funding for millions of merchants to make real-world transactions.”
PayPal built a new checkout feature on its efforts by allowing users to buy, retain and sell cryptocurrency in 2020, later expanding its offering to the UK, and turning the stored crypto into a usable payment method. Merchants are paid in US dollars, but PayPal handles conversions and processing in the background.
The company said the feature will be available to all eligible U.S. customers in the coming weeks.
