Recently, PayPal, the online payment app, has announced that from today the platform will support Crypto-currency for their U.S. customers.
Last November, the company has given the ability for its U.S. users to buy and sell cryptocurrency directly from their accounts.
Now, the company’s all-new “Checkout with Crypto” will allow its U.S. users to instantly convert their Bitcoin, Litecoin, Ethereum, or Bitcoin Cash to US dollars.
The best part is that this transaction will have no additional transaction fees that the company will then use to complete the transaction. In case, the merchant doesn’t want to take US dollars, then the company will also convert dollars into local currency at standard conversion rates which is previously been set by PayPal.
PayPal’s all-new feature will automatically appear in the PayPal wallet if the users have “sufficient cryptocurrency balance to cover an eligible purchase.” Users will be able to and you’ll be able to see their crypto balances for every coin in the app.
However, the app will only allow users to use one type of cryptocurrency for each purchase.
Meanwhile, PayPal is not the first and only payment app to offer support for cryptocurrency. In 2018, Square, PayPal’s competitor, has launched support for Bitcoin on the Cash App.
However, at this time, the launch of cryptocurrency as a form of payment makes PayPal a major digital wallet and a cryptocurrency exchange platform. It could streamline the use of cryptocurrency as a common method for payment.