The new feature enables PayPal wallet users to make purchases with cryptocurrency
PayPal has launched a new feature called ‘Checkout with Crypto’ in the US for giving an additional option to customers to checkout with cryptocurrency in the PayPal wallet.
The online payments company said that customers using the new feature can safely and easily check out by converting cryptocurrency holdings to government-issued currency. The new feature provides certainty of value to the cryptocurrency held by the users and comes with no additional transaction fees.
It will be available alongside other methods of payment in the PayPal wallet.
Customers having enough cryptocurrency to make a purchase can find the Checkout with Crypto payment mode in their e-wallet at checkout.
They can also choose the cryptocurrency they want to use for finishing the purchase, whether it is Bitcoin, Ethereum, Litecoin, or Bitcoin Cash. This depends on what they are holding with PayPal and the balance available in each of the cryptocurrencies.
However, only one type of cryptocurrency is allowed for each purchase, said the payments company.
PayPal president and CEO Dan Schulman said: “As the use of digital payments and digital currencies accelerates, the introduction of Checkout with Crypto continues our focus on driving mainstream adoption of cryptocurrencies, while continuing to offer PayPal customers choice and flexibility in the ways they can pay using the PayPal wallet.
“Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies.”
According to PayPal, all transactions made with Checkout with Crypto are settled in US dollars. They are subsequently converted to the applicable currency for the business at the company’s standard rates for conversion.
In October last year, the online payments company launched a new service in the US to allow its customers to buy, hold, and sell cryptocurrency directly from their PayPal account.