Cryptos stride further into mainstream as new PayPal feature lets users pay with bitcoin, ethereum & more

PayPal has rolled out a new service which introduces cryptocurrencies as a form of payment and enables US buyers to use their crypto holdings to pay for goods with millions of online merchants.

The online payments giant has added a new ‘Checkout with Crypto’ feature, which is set to become available for US users from Tuesday. The service will allow those holding bitcoin, ethereum, bitcoin cash, and litecoin in their wallets to convert their tokens into US dollars or other fiat currencies while making purchases, with no additional transaction fees.
Also on Visa settles 1st payment transaction with crypto in ‘milestone’ move for industry
The option is set to automatically appear in people’s PayPal wallets, but only one type of coin can be used for each purchase, according to the company. The fintech giant reportedly plans to enable the option at all of its 29 million merchants.

“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,” the company’s president and CEO Dan Schulman told Reuters, which first reported the move.

Read more Unmasking mysterious bitcoin inventor may send cryptomarket into tailspin, Coinbase warns

In another statement, he said that introducing cryptocurrencies as a payments tool globally marks “the next chapter in driving the ubiquity and mass acceptance of digital currencies.”

PayPal revealed its support for digital assets last year, when it moved to allow customers to buy, sell, and hold bitcoin, ethereum and other cryptocurrencies. The move from such a big player, which currently has 377 million accounts worldwide, helped to boost a massive crypto rally.

News of the new feature lifted the price of bitcoin and other main digital currencies on Tuesday. Bitcoin was up around 2%, trading at around $ 59,200, while ethereum gained nearly 4% to hit nearly $ 1,840.

PayPal’s move is not the only one driving cryptocurrencies higher this week. On Monday, Visa said that it has enabled payments in stablecoin USD Coin (USDC).

For more stories on economy & finance visit RT’s business section


Newslanes Media

By Newslanes Media is the leading e-news platform for the latest breaking news of world today. Newslanes auto aggregates and gather popular stories, business news, tech releases and much more for free for everyone. The news repository targets everyone after factual and well-researched information provided by trusted sources. All content and material belongs to their respective sources.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.