PayPal is soon going to enable its long-awaited global crypto payments service. The American company operating an online payment system has ventured into crypto in late 2020, allowing its customers to buy and hold digital assets.
Earlier today, the company announced that the new crypto checkout service would soon become available at 29 million merchants. These crypto checkout services allow users to pay for goods in Bitcoin and three other well-known cryptocurrencies.
Bitcoin Resumes its Rally as PayPal Announces Global Crypto Payments
Following the announcement, Bitcoin resumed its rally. The first digital coin is now revisiting the $60,000 level. It is worth noting that, unlike Tesla, merchants will not receive and keep crypto. Since it automatically gets converted into cash.
Some 26 million merchants who have integrated PayPal will now accept some of the four most prominent cryptocurrencies. This includes Bitcoin, Ethereum, Litecoin, and BCH.
Dan Schulman, president and CEO of PayPal said,
The company is “Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies.”
“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.”
Anyone Who has Crypto Can Pay in Crypto
There will be no transaction fee for paying with crypto. But according to the company “a cryptocurrency conversion spread will be built into the conversion from crypto to USD” with PayPal insta exchanging crypto into the fiat.
According to PayPal, anyone who holds the crypto-asset can make the payment in crypto. They say:
“Customers will be able to select their cryptocurrency of choice – Bitcoin, Litecoin, Ethereum, or Bitcoin Cash, depending on what they are holding with PayPal and the balances available in each cryptocurrency. Customers can use only one type of cryptocurrency for purchase.
Once the customer confirms the purchase, the cryptocurrency is converted to fiat currency by PayPal on the customer’s behalf and the transaction is completed. The customer will receive a record of both the crypto sale, as well as the purchased item.”
The global payments company launched the ability to buy cryptocurrencies last year, with payment to their merchants only available through crypto held by PayPal through itBit.