PayPal announced the launch of ‘Checkout with Crypto’ via a press release. The new features allows US cryptocurrency holders to convert it to fiat currency when checking out. The feature will appear in their PayPal wallet for any transaction where a consumer holds enough cryptocurrency to cover the balance of the purchase.
PayPal cryptocurrency is free to use and does not require any additional integrations. It is currently available to millions of global online businesses, and there are plans to expand the service in the coming months.
Dan Schulman, PayPal president and CEO, highlighted increased public adoption as the driving force behind the decision to offer PayPal cryptocurrency payments.
“As the use of digital payments and digital currencies accelerates, the introduction of Checkout with Crypto continues our focus on driving mainstream adoption of cryptocurrencies, while continuing to offer PayPal customers choice and flexibility in the ways they can pay using the PayPal wallet,” he said. “Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies.”
According to a video released by PayPal announcing the launch, PayPal cryptocurrency support will include Bitcoin, Ethereum, Litecoin, and others.
PayPal chargeback protection and cryptocurrency fraud prevention is included in the rollout. Eligible purchases will include the “safety, security, and other benefits of using PayPal,” Schulman said. “This includes 24/7 fraud protection, return shipping, and purchase protection on eligible items.”