PayPal has launched a way for its users to make payments using cryptocurrencies including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The feature, called ‘Checkout with Crypto’, is only available for US customers for the time being.
Customers with cryptocurrency holdings in their PayPal wallets will be able to make purchases using those holdings and face no additional transaction fees. The process works by converting crypto into fiat currency at checkout, with PayPal selling the crypto assets on behalf of the customer.
PayPal users will only be able to select one type of cryptocurrency per purchase – whether that’s Bitcoin, Ethereum, Litecoin, or Bitcoin Cash – and will receive a record of both the crypto sale and the purchased item(s).
“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 Dan Schulman, President and CEO of PayPal. “Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies.”