PayPal was planning to support crypto currencies as a form of payment., the online payment app announced that the United States customers can do just that with its “Checkout with Crypto” feature that has rolled out today.
The payment platform rolled out the ability for US users to directly buy and sell cryptocurrencies directly from their accounts last year in November, PayPal’s new “Checkout with Crypto” allows users to instantly convert their Bitcoin, Ethereum, Litecoin, or Bitcoin Cash to US dollars (with no additional transaction fees) that PayPal then uses to complete the transaction. If a merchant doesn’t take US dollars, PayPal also converts those dollars into local currency at standard conversion rates set by PayPal.
The feature will automatically appear in the PayPal wallet if a user has a “sufficient crypto currency balance to cover an eligible purchase,” and you’ll be able to see your crypto balances for each kind of coin in the app. However, you can only use one type of crypto currency for each purchase you make.
PayPal is not the first payment app to offer support for crypto currency. In 2018, its competitor, Square, launched support for Bitcoin on the Cash App.
The feature will later be rolled out to other countries when announced but as for now, it’s strictly United States.