We already knew that we plan to support cryptocurrencies as a form of payment. And now, the online payment app has announced US customers can do just that with its "Checkout with Crypto" feature, rolling out today.
After introducing the ability for US users to directly buy and sell cryptocurrency directly from their accounts last November, PayPal's new "Checkout with Crypto" allows users to instantly convert their Bitcoin, Ethereum, Litecoin, or Bitcoin Cash into US dollars (without additional transaction fees), which PayPal then uses to complete the transaction. If the merchant does not accept US dollars, PayPal will convert these dollars to the local currency at the standard conversion rates, PayPal.
The feature will automatically appear in the PayPal wallet if the user has "sufficient cryptocurrency balance to cover a suitable purchase", and you will be able to see your crypto balances for each type of coin in the app. However, you can only use one type of cryptocurrency for each purchase you make.
PayPal is not the first payment app to offer cryptocurrency support. In 2018, its competitor, Square, launched Bitcoin support on the Cash App. But the launch of cryptocurrency as a form of payment makes PayPal both a major digital wallet and a cryptocurrency exchange, which could streamline the use of cryptocurrency as a more common payment method. During its Investor Day last week, the company reported that it had 377 million active accounts.