Paypal has already let its US account users carry out cryptocurrency transactions.
We were aware already that Paypal had the intention to enable cryptocurrency transactions as an extra payment choice. Currently, the web-based payment gateway has shared that US clients can buy and sell in crypto, thanks to its “checkout with crypto” feature, launched today.
After enabling US clients to carry out transactions in cryptocoins straight from their accounts earlier in November, the newly launched checkout feature directly converts major cryptocurrencies like Bitcoin, Ethereum, and Litecoin into conventional US dollars, with no extra transaction fees. If a vendor does not accept US dollars, Paypal also swaps the dollars into local currency with typical conversion charges imposed by Paypal.
PAYPAL IS NOT THE ONLY PAYMENT PLATFORM TO SUPPORT CRYPTO
The new “checkout” capability will show up in the Paypal account of the user, in the wallet tab, when a user has enough balance in crypto to back up a valid transaction. The cryptocurrency balances can be viewed for each type of cryptocoin in the program. But, users are only allowed to choose and use one crypto currency for every purchase they make.
Paypal is not the only and first payment platform to allow cryptocurrency. Back in 2018 Square, a major Paypal rival, has announced its support of Bitcoin transactions on its cash app. However, the introduction of cryptocurrency as a payment option renders Paypal both a mainstream digital pocket and a crypto exchange app, which could facilitate the use of crypto as a more conventional payment way. During its relevant “Investor Day” held a week ago, Paypal announced that they counted 377+ million live accounts.