On March 30, PayPal announced the launch of “Checkout with Crypto”, a new feature that significantly accelerates the mainstream adoption of cryptocurrencies. The particular crypto payment feature as per the press release is “available at millions of global online businesses” and will continue to expand in the coming months. However, the new feature is applicable to PayPal’s US customers with” cryptocurrency holdings”. Now, the customers “will be able to choose to check out with crypto seamlessly within PayPal at checkout.”
Using Checkout with Crypto, customers can avail themselves the facility of converting their cryptocurrencies with fiat currencies, with no additional transaction fees, giving the assurance of the value staying stable. The Checkout with Crypto option will “automatically appear in the PayPal wallet at checkout for customers with sufficient cryptocurrency balance to cover an eligible purchase.”
Enhancing the use case further, “Checkout with Crypto” allows businesses to get paid too. The customers of a particular business at PayPal can “checkout with cryptocurrency, without any additional integrations or fees required by the business.”
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
The announcement by PayPal further adds, “All transactions are settled in USD and converted to the applicable currency for the business at the standard PayPal conversion rates. Checkout with Crypto offers customers the ability to sell cryptocurrency through PayPal to then pay a business for select online purchases in one seamless checkout flow.”
Dan Schulman, president and CEO, PayPal said:
As the use of digital payments and digital currencies accelerates, the introduction of Checkout with Crypto 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. Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies.
‘Checkout with Crypto” extends PayPal’s commitment further with the addition of features that aligns with the customers’ convenience in the payment process along with that of businesses.
As reported by the news outlet, Bitcoin.com, Dan Schulman said:
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. We think it is a transitional point where cryptocurrencies move from being predominantly an asset class that you buy, hold and or sell to now becoming a legitimate funding source to make transactions in the real world at millions of merchants.