As a report, PayPal is going to announce that it has started allowing customers in the U.S. to use crypto for payments.
“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,” Schulman told media.
Accurately, the users will be able to pay using bitcoin, ether, bitcoin cash, and litecoin. This service will be available at all of PayPal’s 29 million merchants “in the coming months.” When making a purchase at a merchant that uses PayPal, users will be able to convert their crypto holdings into fiat currency at checkout — though it’s unclear whether this will be automated or not. There will be no transaction cost at checkout, and users will only be able to use one type of coin per purchase order.
This news comes with a heightened interest in cryptocurrencies from main corporations and institutions. In February, Tesla bought $1.5 billion worth of Bitcoin, and a week ago, the company started offering its buyers in the U.S. the option to purchase vehicles using bitcoins. Just yesterday, Visa has announced it would begin using USDC, a stablecoin pegged to the value of U.S. dollar, to settle transactions with Visa on the Ethereum platform.
