PayPal Allows U.S. Clients to Pay Merchants with Crypto

by in Cryptocurrency News

PayPal allows crypto

Major payments entity PayPal announced enabling US clients to pay merchants from over the world with crypto.

Related: Long-term Bitcoin storage trend continues to dominate

Specifically, users holding BTC, Eth, Bitcoin Cash (BCH), and Litecoin (LTC) in PayPal wallets will have the option to exchange them with fiat money at checkouts for trading.

PayPal's Chief Executive Officer Dan Schulman disclosed the decision with Reuters. He informed that the service will be accessible to each of its 29 million vendors during the next months.

This is a huge step in integrating cryptocurrencies into the payments system. Dan Schulman mentioned the PayPal team believes the company's move is a turning spot where the usage of crypto extends. So, they will be more often used in payments and not only serve for buying, keeping, and selling.

There won't be transfer fees to checkout with crypto. During a single trading process, one type of coin can be adopted.

Cryptocurrencies' role as a payment alternative is becoming bigger. On March 29 Visa revealed unlocking the option of using USD Coin to settle transactions on the platform.