PayPal opens access to cryptocurrency for US customers
The US electronic payment system PayPal will allow customers to pay with cryptocurrency for bills, goods, and services around the world, along with other methods. At the time of purchase, Americans will be able to convert Ethereum, Bitcoin, Bitcoin Cash, Litecoin into fiat money.
On March 30, PayPal announced the launch of its Checkout with Crypto service, which will expand the way people use cryptocurrencies. The service will become available to 29 million merchants, PayPal customers.
When placing orders, consumers will be able to pay with cryptocurrencies easily. Verifying purchases with Checkout with Crypto includes the security and other benefits of using PayPal, such as 24/7 fraud protection, refunds, and purchase protection.
As PayPal President and CEO Dan Schulman noted, the company intends to work with central banks and regulators around the world to accelerate the use of digital payments and currencies. Providing customers with the ability to make cryptocurrency transactions around the world is a step towards the massive distribution and development of digital money.
Thanks to the service, the payment system hopes that customers will be able to avoid the risks of cryptocurrency volatility by conducting transactions in fiat. Checkout with cryptocurrency will help the buyer choose a payment method if there is enough digital currency of one type in the PayPal wallet to buy the product.
Checkout service is equivalent to other payment methods through PayPal: using a bank account, credit/debit card. With the ability to buy, store and sell cryptocurrency using PayPal, customers can pay, convert to fiat money with a fixed value and no additional transaction fees.
Recently the Visa payment system was the first to start transactions in cryptocurrency using USDC stablecoins on the Ethereum blockchain.