Recently, Visa announced a major move in which it will use cryptocurrency to settle transactions. After this big news in the world of digital currencies, PayPal went ahead and launched a crypto checkout service. As the name suggests, the service allows users to check out using cryptocurrency holdings. This means that users will now be able to use digital currencies to pay at millions of online merchants globally.
The online payment solution supports bitcoin, ether, bitcoin cash, and litecoin as of now. If you hold any of these digital currencies in PayPal digital wallets, then you’ll be able to convert them into fiat currencies at checkouts. This means that you can now use your crypto to make purchases via PayPal.
Paypal crypto checkout service will significantly boost the use of digital currencies
The company revealed that it was working on the service since the late last year. It also announced that it will bring the service to all of its 29 million merchants in the coming months. The aim of this service is to allow PayPal users to seamlessly use cryptocurrencies while making payments. Basically, you’ll be using crypto just like the way you use credit or debit cards on the platform.
It is worth mentioning that the company will not charge any transaction fees for using the crypto checkout service. Also, you can only use one type of coin for each purchase. With this new announcement, PayPal becomes one of the largest financial companies that openly adopted digital currencies. Of course, the announcement helped fuel the virtual coin prices.
To recall, PayPal introduced the ability to store, buy and sell cryptocurrencies to its digital solution. Of course, this new feature also builds on top of this feature. At the time of writing this, the service is only limited to U.S. customers. Hopefully, the company will expand the service to more regions or markets down the road.
Other big companies that joined the race in the past!
As mentioned earlier, Visa recently announced the use of cryptocurrency for payment settlements. For this, the company partnered with Coinbase and Crypto.com to settle payments in stable coin USDC. Last week, Tesla announced that it will accept bitcoin payments for its vehicles.
Considering all the recent happening in the world of cryptocurrencies, it looks like the future of digital currencies is on the positive side.