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PayPal Launches Crypto Checkout
PayPal is testing out its Checkout feature using cryptocurrency for online retailers globally, dubbed Checkout with Crypto.
Checkout with Crypto allows customers to shop online using cryptocurrencies and will be listed as a payment method next o the standard methods in PayPal wallet.
This payment method will be available for online retailers worldwide, as well as other businesses.
This comes after PayPal started allowing customers to buy, sell and hold Bitcoin and other cryptocurrencies on its platform in October 2020.
“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,” explained Dan Schulman, the CEO and President of PayPal.
“Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies.”
Currently, the service is available for use in the United States, but is expected to expand into Europe and the rest of the world at a later date.
How Will it Work?
According to PayPal, the customer will only be able to use crypto if they have a ‘sufficient balance of cryptocurrency to cover an eligible purchase’. The payment method will then automatically show up as an option.
There are currently the following cryptocurrencies available: Bitcoin, Litecoin, Ethereum or Bitcoin Cash.
“Once the customer confirms the purchase, the cryptocurrency is converted to fiat currency by PayPal on the customer’s behalf and the transaction is completed,” the company explained in a statement.