PayPal Rolls Out “Checkout with Crypto” Feature For US Customers

Starting today, PayPal will allow its users in the U.S to checkout with various cryptocurrencies along with PayPal wallet payment method.

With this new feature, PayPal intends to drive more usage of the cryptocurrency, as many Business accept Crypto payments. However, it does not allow you to transfer your existing coins to the PayPal account. Instead, you will have to buy crypto-currency from PayPal and then use them for buying products.

What is PayPal Checkout with Crypto Payment Feature?

On 30th March, the company announced the launch of Checkout with Crypto feature to PayPal. As PayPal is a very convenient option for online payments, and is widely accepted by various businesses. So, expanding the payment methods, the company now will gradually start allowing U.S customers holding cryptocurrency to securely checkout using crypto ay PayPal.

“Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies.”

PayPal will be accepting various crypto like Bitcoin, Litecoin, Ethereum, or Bitcoin Cash as a new checkout option.

According to PayPal, customers can convert cryptocurrency to the US dollars, without paying any extra transaction fee. Now, this is something which users may be looking for.

However, to use Checkout with the Crypto feature, you will have to agree to the conversion rate PayPal offers.

Checkout with Crypto method will automatically show up in the PayPal wallet at the time of checkout, if having sufficient cryptocurrency balance.

“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,” said Dan Schulman, president and CEO, PayPal.

More Information About Checkout with Crypto

Currently, the company allows you to hold your Cryptocurrency that you buy from them in your account. Restricting to transfer them to other accounts.

However, you can easily buy, sell and purchase with your select crypto coins within PayPal itself. If you wish to sell your cryptocurrency, then the funds will directly go to your PayPal cash balance.

Additionally, the company also restricts the maximum dollar amount you can spend to buy the cryptocurrency is $20,000. However, this amount is set for single crypto purchase. But you can spend $50,000 for purchase of cryptocurrency over 12-months of period.

Currently, buying, selling and purchasing with crypto is only available in the U.S except Hawaii. However, the company plans to expand PayPal Checkout with Crypto feature to the global markets within the first half of 2021. For complete details checkout the FAQ page of PayPal.

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Nupur is a tech writer at TechGeekSpace. She loves exploring latest tech, gadgets and have been writing on various topics related to technology, software, Gadgets, Windows, Mac, Internet, Android, and the latest tips and tricks.

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