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PayPal launches crypto checkout service for its U.S. clients

Updated: Jul 25, 2024
Published: Mar 30, 2021
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It’s been baking for some time, and the cake is finally out of the oven.

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PayPal Holdings, Inc. (Nasdaq: PYPL) announced the launch of Check out with Crypto, a new feature that takes the utility of cryptocurrency to a new level.

This feature will be rolled out to U.S. users who have crypto holdings in the PayPal accounts.

Check out with Crypto

After launching a service that allowed U.S. clients to buy, sell, and hold cryptocurrencies in their accounts last November, PayPal has taken it a step further by allowing clients to instantly pay for goods and services at check-out points using their crypto.

PayPay will automatically convert crypto - Bitcoin, Ether, Litecoin, or Bitcoin Cash - to fiat at no extra cost to users.

The new feature will automatically appear in the accounts of users who have “sufficient cryptocurrency balance to cover an eligible purchase.” 

Pay President and CEO Dan Schulman said enabling the use of cryptocurrencies to make purchases is the next chapter in “driving the ubiquity and mass acceptance of digital currencies.”

"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,” said Schulman.

It was always coming

PayPal's new feature has been met with a lot of excitement within the crypto community due to the doors of mass adoption it will likely open.

Taking a closer look at recent events shows that PayPal was preparing to be a major player in the crypto sector.

Last December, Schulman advocated for cohesion on crypto-regulatory issues.

The financial services firm expanded its feature to buy, sell, and hold cryptocurrencies to UK residents. If PayPal follows a similar pattern, the new crypto check-out feature could be rolled out in the UK too.

It was reported early this month that PayPal was negotiating the acquisition of cryptocurrency custody firm Curv.

Apart from PayPal, other financial service companies are warming up to crypto payments.

PayPal is not alone

Cryptonary reported yesterday that Visa, a company that facilitates global electronic funds transfers, is adopting cryptocurrencies.

Visa completed a USDC transaction on the Etherum network, effectively bringing digital and fiat currencies together.

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