Few payment processors in the world hold quite as much power as PayPal. The company boasts of over 330 million users as well as around 29 million merchants that make use of their services. This is why when last year PayPal announced that it would be allowing for cryptocurrency transactions, the industry rejoiced. This marked not only a new level of acceptance by such an industry giant but also a greater level of accessibility to the public who could now spend and accept cryptocurrency with more ease.
Now, PayPal has announced on March 30, 2021, that it will be launching its crypto checkout service which will allow or PayPal merchants to accept cryptocurrency as a form of payment.
Crypto Comes to PayPal
How this new feature function is that merchants with PayPal installed on their sites will have the option to accept payments in crypto at their checkout pages. When a PayPal user opts to pay using cryptocurrency, PayPal converts the tokens to fiat currency and pays the merchants.
The tokens supported by this new option include Bitcoin, Ether, Litecoin, and Bitcoin Cash. Only one of these coins can be used for each purchase and there are no transaction fees involved.
“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,” President and CEO Dan Schulman said.
It is interesting to note that Bill Harris, the former CEO of PayPal, had previously denounced cryptocurrency as a scam but the company now seems to favor it. Bitcoin, in particular, has become very popular in the last few months thanks to its most recent bull run that has seen it reach a token price of over $60,000 which is a new all-time Price High.
It was stated that cryptocurrency is going to a transitional where it is no longer just an asset class but also a form of currency. PayPal is not the only prominent firm to get on board with crypto in recent times as Tesla announced this month that it would be accepting bitcoin for payments for the products following a $1.5 billion purchase of Bitcoin by the company.
“We think it is a transitional point where cryptocurrencies move from being predominantly an asset class that you buy, hold or sell to now becoming a legitimate funding source to make transactions in the real world at millions of merchants,” Schulman said.
Bitcoin much likely the general cryptocurrency market is evolving very quickly and is well on its way to greater public use.
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