PayPal is updating its cryptocurrency buying, selling, and holding capabilities by allowing US customers to purchase from merchants using digital coins. The announcement came this Tuesday, and for now, only United States-based customers are allowed to do so. PayPal has dubbed the new feature ‘Checkout with Crypto’, which will be available to all platform users around the globe sometime this year.
The company disclosed that the ‘Checkout with Crypto’ feature will automatically appear on PayPal’s platform, more specifically in the checkout page when users are in the middle of a purchase. Interestingly, the sellers will be receiving the payment in fiat currency and not crypto. Furthermore, the official press release by the company claims that users can only support one cryptocurrency at a time during a transaction. There will be no transaction fees.
Of PayPal’s move further in the crypto world, CEO and President Dan Schulman has this to say, “Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies,”
Last November, PayPal introduced cryptocurrency services to its platform, which allowed its clientele to trade cryptocurrencies directly on its interface. This was considered a huge move in the crypto industry as PayPal is one of the leaders in payment solutions across the world. Currently, it supports 346 million active users.