PayPal To Allow US Customers To Pay With Crypto At 29 Million Online Merchants

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As cryptocurrencies continue to garner attention, with many trading near all-time highs, payment merchant PayPal has made a big move.

The company is now going to allow its customers to pay with cryptocurrencies at 29 million online merchants.

A Reuters report has revealed that PayPal’s Checkout with Crypto service which allows customers who have Bitcoin (CRYPTO: BTC), Ether (CRYPTO: ETH), Bitcoin Cash (CRYPTO: BCH) or Litecoin in their PayPal digital wallets to be able to convert their digital assets into fiat currencies at checkout in order to make purchases.

“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,” President and CEO Dan Schulman said to Reuters.

Crytpo has yet to become a widespread form of payment, due in part to its continued volatility.

PayPal, one of the biggest mainstream financial corporations, hopes this checkout service can change that.

“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,” Schulman said.

PayPal is expected to make a formal announcement later this week regarding its “Checkout with Crypto” service, which will be available at all of PayPal’s 29 million merchants in the months to come.

The company said it will charge no transaction fee to checkout with crypto and only one type of coin can be used for each purchase.

This week payments company Visa Inc. also said it would allow payments to be settled directly via cryptocurrency on the Ethereum blockchain.

Bitcoin has nearly doubled in price since the start of 2021 and is trading near $60,000.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.

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