PayPal to Allow Crypto Payments for All 29 Million Merchants
After announcing active development on crypto payment solutions in July 2020, PayPal announced that it would allow U.S. consumers to pay with crypto at millions of merchants.
PayPal Continues Crypto Trend
PayPal customers can now use the cryptocurrency in their PayPal account to pay for goods and services online. The payments giant will automatically convert the users’ cryptocurrency into fiat before settling the transaction, so this will not change anything for merchants.
The supported cryptocurrencies on PayPal so far are Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
Certain U.S. users have been able to use Paypal to buy and store their crypto since September 2020, and the demand for these services has exploded. By providing easy access to cryptocurrency exposure to its millions of customers, PayPal has been a key part of the current uptrend in crypto markets.
Reuters has reported they expect the company to announce this today, but an official announcement has yet to be made. Allowing crypto payments could significantly boost further mainstream adoption of crypto in online commerce.
“This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet,” president and CEO Dan Schulman told Reuters.
The news cycle this week has been filled with mainstream companies further integrating crypto services in their financial operations.
Tesla has announced they would accept Bitcoin as payments for their cars and run their own node as active participants in the network.
Disclaimer: The author held BTC, ETH, and several other cryptocurrencies at the time of writing.
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Author: Nathan van der Heyden