Online payment services provider PayPal will now let US Customers pay in Bitcoin at Global Merchants. The CEO and President of the company confirmed the news on Tuesday.
The formal announcement of this development is yet to come. However, the CEO of PayPal, Dan Schulman, revealed the plan of implementing a check out service that will subsequently waive off transaction fee for procurements made using cryptocurrencies. Moreover, US customers can utilize crypto as a medium of exchange at the millions of PayPal’s global merchants.
In the new crypto-friendly infrastructure, customers can pay the approved sellers of different products and services in digital currencies. Later on, Merchants will be reimbursed with fiat money equivalent to received crypto coins. A swift transfer will occur at the time of sales.
PayPal supports four cryptocurrencies i.e Bitcoin (BTC), Litecoin (LTC) Ether (ETH), and Bitcoin Cash (BCH). Customers expect that company will allow payments in all four. There is no transaction fee for buying stuff using digital currencies. However, purchasers have to use only one coin over each purchase.
Dan Schulman implied that this launch was a need of the hour.
We think it is a transitional point where cryptocurrencies move from being predominantly an asset class that you buy, hold and or sell to now becoming a legitimate funding source to make transactions in the real world at millions of merchants,
PayPal in the Crypto League
Crypto storm first hit the payment giant PayPal in October 2020. However, the company started showing intentions of entering the crypto arena in the early days of this month after acquiring Curv (a digital assets security firm) in a deal amounting to 200 million USD.
PayPal has become part of a long list of payment companies allowing crypto services in some capacity. Just two days ago, Visa announced the plans of allowing fiat transaction settlements in crypto. Moreover, MasterCard is also waiting in the wings to join the crypto league.