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PayPal launches ”Checkout with Crypto” solution

Mar 30, 2021

US PayPal customers with cryptocurrency holdings will be able to choose to check out with crypto within PayPal at checkout

PayPal crypto

PayPal launches ”Checkout with Crypto” solution. Source: shutterstock.com

PayPal has announced the launch of Checkout with Crypto, a new feature that expands the utility of cryptocurrency.

According to information, customers using Checkout with Crypto can check out, converting cryptocurrency holdings to fiat currency at checkout, with the certainty of value and no additional transaction fees.

Checkout with Crypto will automatically appear in the PayPal wallet at checkout for customers with sufficient cryptocurrency balance to cover an eligible purchase.

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. Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies
Dan Schulman, president and CEO, PayPal

All transactions are settled in USD and converted to the applicable currency for the business at the standard PayPal conversion rates.

Crypto payment flow remains similar and familiar to other ways of checking out with PayPal:

  • At checkout, if a customer has a sufficient balance of cryptocurrency to cover an eligible purchase, crypto will automatically display as a payment method for that purchase.
  • Customers will be able to select their cryptocurrency of choice – Bitcoin, Litecoin, Ethereum, or Bitcoin Cash. Only 1 type of cryptocurrency can be used for each purchase.
  • Once the customer confirms the purchase, the crypto is converted to fiat by PayPal on the customer’s behalf and the transaction is completed. The customer will receive a record of both the crypto sale, as well as the purchased item.

We’ve reported that Visa settles payments in USD Coin through the Ethereum blockchain.

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