PayPal1 has just announced the launch of Checkout with Crypto2, a feature that allows customers to pay for goods online with crypto coins. They will be able to use their cryptocurrency holdings (such as Bitcoin or Ethereum) to pay at millions of online retailers worldwide, with the service converting their cryptocurrencies to fiat currencies like euros and dollars with no additional transaction fees. Checkout with Crypto will automatically appear in the PayPal wallet at checkout for eligible customers, and is currently available in the US, with plans for a European rollout in the works.
“As the use of digital payments and digital currencies accelerates, the introduction of this feature 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”, CEO Dan Schulman said3, adding that for merchants, there are no additional integrations or fees required. “All transactions are settled in dollars and converted to the applicable currency for the business at the standard PayPal conversion rates.”
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