PayPal Will Now Allow Users to Pay With Cryptocurrencies: Report
Users will be able to instantly convert their cryptocurrencies into US dollars at checkouts to make purchases .
Global payment giant PayPal Inc on Tuesday, 30 March, announced ‘Checkout with Crypto’, a new feature that will allow users to instantly transact via cryptocurrencies on its platform.
This means that users holding Bitcoin, Ethereum, Litecoin will be able to instantly convert their cryptocurrencies into US dollars at checkouts to make purchases.
According to a report by The Verge, If a merchant doesn’t accept US dollars, PayPal will convert dollars into local currency at standard conversion rates.
President and CEO Dan Schulman told Reuters that 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.”
This feature is reportedly said to automatically appear in the PayPal wallet. However, users will can only be able to use one type of cryptocurrency for each purchase they make.
Earlier, this week Global payment giant Visa said that it will permit the use of cryptocurrency USD Coin to settle transactions on its payment network amid speculations over the ban of cryptocurrency in India.
Meanwhile, on 24 March, electric vehicle and clean energy firm Tesla’s CEO Elon Musk said that people in the US can now buy a car from the company using Bitcoins. The option to pay with the popular cryptocurrency will be available to other countries later this year.
Responding to the news of PayPal permitting Crypto Checkout services, Ashish Singhal, Co-founder and CEO, Cryptoexchange CoinSwitch Kuber, told The Quint, “PayPal launching a crypto checkout service is a bold step towards making cryptocurrencies mainstream globally.”
“ The move, which would allow US consumers to pay using their digital assets at PayPal's merchant network, will significantly bolster crypto's adoption in day to day life. Backed by proper KYC and government regulations, crypto makes for the safest and most seamlessly adaptable asset class ever created that can serve multitude of functions including transactions,” he added.
“Paypal launching checkout service is a massive driver for adoption. This after visa adopting ethereum as a settlement layer for transactions are massively bullish events for crypto adoption. I expect crypto userbase to grow from 100 million to 1 billion by 2025.”Gaurav Dahake, CEO, Bitbns Cryptoexchange
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