PayPal has rolled out a new service which introduces cryptocurrencies as a form of payment and enables US buyers to use their crypto holdings to pay for goods with millions of online merchants.
The online payments giant has added a new ‘Checkout with Crypto’ feature, which is set to become available for US users from Tuesday. The service will allow those holding bitcoin, ethereum, bitcoin cash, and litecoin in their wallets to convert their tokens into US dollars or other fiat currencies while making purchases, with no additional transaction fees.
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The option is set to automatically appear in people’s PayPal wallets, but only one type of coin can be used for each purchase, according to the company. The fintech giant reportedly plans to enable the option at all of its 29 million merchants.
“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,” the company’s president and CEO Dan Schulman told Reuters, which first reported the move.
In another statement, he said that introducing cryptocurrencies as a payments tool globally marks “the next chapter in driving the ubiquity and mass acceptance of digital currencies.”
PayPal revealed its support for digital assets last year, when it moved to allow customers to buy, sell, and hold bitcoin, ethereum and other cryptocurrencies. The move from such a big player, which currently has 377 million accounts worldwide, helped to boost a massive crypto rally.
News of the new feature lifted the price of bitcoin and other main digital currencies on Tuesday. Bitcoin was up around 2%, trading at around $59,200, while ethereum gained nearly 4% to hit nearly $1,840.
PayPal’s move is not the only one driving cryptocurrencies higher this week. On Monday, Visa said that it has enabled payments in stablecoin USD Coin (USDC).
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