PayPal launches Checkout with Crypto
PayPal today announced the launch of Checkout with Crypto. With this feature, PayPal customers can pay with crypto coins alongside other payment methods in their PayPal wallet. Checkout with Crypto is available at millions of global online retailers and other businesses.
Checkout with Crypto starts rolling out to PayPal customers in the US today, but it seems obvious that this feature will soon expand to Europe and other parts of the world. A similar thing happened in October last year when PayPal announced it would allow its customers to buy, sell and hold Bitcoin and other crypto coins.
With Checkout with Crypto, consumers can use coins to pay at online retailers worldwide.
One type of cryptocurrency allowed for each purchase
With Checkout with Crypto, consumers can use their cryptocurrency holdings (Bitcoin, Litecoin, Ethereum or Bitcoin Cash) to pay at millions of online retailers worldwide. “A move that could significantly boost use of digital assets in everyday commerce”, Reuters writes. Only one type of cryptocurrency can be used for each purchase.
Checkout with Crypto appears in PayPal wallet
By using Checkout with Crypto, users can convert their cryptocurrency holdings to fiat currencies like euros and dollars with no additional transaction fees. The new feature will automatically appear in the PayPal wallet at checkout for customers with enough coins to cover an eligible purchase.
“As the use of digital payments and digital currencies accelerates, the introduction of this feature continues our focus on driving mainstream adoption of cryptocurrencies, while continuing to offer PayPal customers choice and flexibility in the ways they can pay using the PayPal wallet”, CEO Dan Schulman commented. “Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies.”
No additional integrations or fees required
The payments company explains that for companies, there are no additional integrations or fees required. “All transactions are settled in dollars and converted to the applicable currency for the business at the standard PayPal conversion rates.”