PayPal Now Accepts Ethereum, Bitcoin As Payment For Any Transaction Amid Crypto Boom
Cryptocurrency is slowly but surely growing in popularity with a broader global audience. Now that Elon Musk has begun to accept Bitcoin for Tesla purchases, that trend is only going to continue. As such, PayPal is jumping on the bandwagon of accepting crypto as a payment method for anything. Perhaps people will finally convert and have a use for all that Dogecoin they bought this year.
Announced today, PayPal’s “Checkout With Crypto” feature will allow users to use their cryptocurrency at millions of businesses that support PayPal payments in the coming months. This builds on PayPal customers’ ability to buy, sell, and hold cryptocurrency with their PayPal wallets, allowing simple and seamless cryptocurrency to fiat conversions.
With the launch, PayPal president and CEO Dan Schulman explained that “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.” As for businesses on the other side of the transaction, there will be no fees or extra integration required, making this a rather solid option to bring in new customers.
To utilize “Checkout With Crypto,” customers must have sufficient cryptocurrency of a single supported type, including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, in their PayPal wallet to cover the purchase price. Then, it will show up alongside the other payment options as if it were a bank account or credit card. Once chosen, the cryptocurrency is converted to fiat currency by PayPal, and the transaction is complete.
All in all, this is an incredibly clever way to bring new people into the world of crypto if they are not already. Moreover, it should give the supported cryptos a boost as they will be accepted at businesses everywhere with ease.