PayPal Will Allow Crypto Payments to its 29 Million Merchants in the U.S.

PayPal is now allowing U.S. customers to pay with cryptocurrency the same way they would with a credit or debit card. The crypto checkout service will allow using crypto holdings to pay at millions of merchants worldwide.

Following its previous plans to allow crypto payments with its digital wallets, PayPal’s crypto checkout service is live today in the U.S. All users will be able to easily convert their Bitcoin, Ethereum, or Litecoin to fiat money and use it with 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.

Dan Schulman, CEO of Paypal [Reuters]

Payments With Crypto

PayPal allowing crypto-payments is a considerable milestone for the crypto-space. The move came weeks after Tesla announced that customers can now buy its vehicles using Bitcoin.

Schulman believes that by converting crypto into fiat, merchants will not take into consideration their inherent volatility.

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.

Dan Schulman, CEO of Paypal [Reuters]

Besides Paypal, Crypto.com announced a global partnership with Visa to accelerate the worldwide adoption of cryptocurrencies and crypto-payment methods. This will allow further expansion of MCO cards all over the Middle East, Africa, and Asian countries.