PayPal Launches Crypto Checkout Service
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PayPal announced the launch of Checkout with Crypto, a new feature that the company says will significantly expands the utility of cryptocurrency. Available at millions of global online businesses and continuing to expand over the coming months, PayPal customers with cryptocurrency holdings in the U.S. will be able to choose to check out with crypto seamlessly within PayPal at checkout, according to the company's latest press release.
The checkout service is all about driving mainstream adoption of cryptocurrencies, said Dan Schulman, president and CEO of PayPal.
Building on the ability to buy, hold and sell cryptocurrency with PayPal, customers using Checkout with Crypto can check out safely and easily, converting cryptocurrency holdings to fiat currency at checkout, with certainty of value and no additional transaction fees. Checkout with Crypto will automatically appear in the PayPal wallet at checkout for customers with sufficient cryptocurrency balance to cover an eligible purchase.
Customers will be able select their cryptocurrency of choice – Bitcoin, Litecoin, Ethereum or Bitcoin Cash, depending on what they are holding with PayPal and the balances available in each cryptocurrency. Only one type of cryptocurrency can be used for each purchase.
"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," Schulman said. "Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies."
With Checkout with Crypto, cryptocurrency is another way for customers to pay and businesses to get paid, adding enhanced utility for cryptocurrency holders.
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