PayPal Adds Cryptocurrency As Payment Option
Digital payments giant PayPal is now giving online shoppers the option of making purchases with cryptocurrencies such as bitcoin.
PayPal will offer a “Checkout with Crypto” payment option at the online checkout, with the service first available to US customers before it plans to expand globally.
The company previously allowed users to buy and sell cryptocurrencies through its platform, though this is the first time it will offer it as an alternative to debit cards or credit cards.
PayPal says it will process payments by converting the customer’s cryptocurrency to cash without a transaction fee.
It currently accepts four cryptocurrency payments – Bitcoin, Bitcoin Cash, Ethereum and Litecoin.
“Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies,” PayPal president and CEO Dan Schulman said.
Several other companies have also recently started accepting digital currencies over traditional payment methods, including Visa, Mastercard and Tesla.