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PayPal allows U.S. customers to pay with Bitcoin, Ethereum and Litecoin starting today

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The checkout with the Crypto functionality started to be launched for PayPal customers in the USA. As early as November, PayPal had opened the possibility for cryptocurrency trading to all users in the US, allowing it to buy, sell and hold
Bitcoin, Litecoin, Ethereum and Bitcoin money.

Now, the digital payments giant is giving you a way to pay for purchases directly with your cryptocurrency stock. As long as you have enough cryptocurrency of a single type to cover an eligible purchase, PayPal will show your crypto balance as a payment option next to your bank account or credit / debit cards. However, all payment must come from a single source – it is not possible to pay with some Bitcoin and a little bit of Litecoin, for example.

There is no need to convert the cryptocurrency to US dollars or any other fiat currency first. PayPal will convert it for you after confirming your purchase, although this means that you will also receive your money back in USD on your PayPal balance in the event of a refund.

The company’s announcement comes hot on the heels of Visa, which recently revealed that it is running a pilot that will allow it to resolve transactions with USD Coin. USDC is a stable currency that will not suffer from the sudden wild swings of other cryptocurrencies. PayPal’s “Checkout with Crypto” feature works with even more currencies and has started rolling out to all US users.

PayPal CEO Dan Schulman said: “As the use of digital payments and digital currencies accelerates, the introduction of Checkout with Crypto remains our focus
to drive mainstream cryptocurrency adoption, while continuing to offer customers the choice and flexibility of PayPal as they can pay through the PayPal wallet.

Enabling cryptocurrencies to make purchases at companies around the world is the next chapter in boosting the ubiquity and mass acceptance of digital currencies. ” This is how PayPal has already allowed US users to buy and sell cryptocurrencies directly from their account, and we already knew that PayPal planned to support cryptocurrencies as a form of payment.

And now, the online payment application has announced that US customers can do this even with its “Checkout with Crypto” feature, launched today.

PayPal allows U.S. customers to pay with Bitcoin, Ethereum and Litecoin starting today

After launching the ability for U.S. users to buy and sell cryptocurrency directly from their accounts last November, PayPal’s new “Checkout with Crypto” allows users to instantly convert their Bitcoin, Ethereum, Litecoin or Bitcoin Cash to US dollars (no additional transaction fees) that PayPal then uses to complete the transaction. If a merchant does not accept U.S. dollars, PayPal also converts those dollars into local currency at standard conversion rates set by PayPal.

PayPal will support several types of cryptocurrencies, including Ethereum and Bitcoin, and the feature will automatically appear in the PayPal wallet if a user has a “sufficient cryptocurrency balance to cover an eligible purchase”, and will be able to view their crypto balances for each type currency in the app. However, you can only use one type of cryptocurrency for each purchase you make.

PayPal is not the first payment application to support cryptocurrency. In 2018, its competitor, Square, launched support for Bitcoin on App Cash. But the launch of cryptocurrency as a form of payment makes PayPal a large digital wallet and a cryptocurrency exchange, which could simplify the use of cryptocurrency as a more common payment method.

During Investor Day, last week, the company reported that it had 377 million active accounts. That is how, PayPal will now let all users in the US buy and sell cryptocurrencies PayPal and Venmo, and will offer and accept cryptocurrency for everyone online.

Source: TheVerge

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