Back in November, PayPal opened cryptocurrency trading to all users in the US, allowing you to buy, sell and hold Bitcoin, Litecoin, Ethereum and Bitcoin cash. Now, the digital payment giant is giving you a way to pay for purchases directly with your cryptocurrency stash. So long as you have sufficient cryptocurrency of a single type to cover an eligible purchase, PayPal will show your crypto balance as a payment option alongside your bank account or credit/debit cards. The whole payment must come from a single source, though — you can’t pay with some Bitcoin and a bit of Litecoin, for instance.
There’s no need to convert the cryptocurrency to US dollar or any other fiat currency first. PayPal will convert it for you after you confirm your purchase, though that means you’re also getting your money back in USD in your PayPal balance in case of a refund. The company’s announcement comes hot on the heels of Visa’s, which recently revealed that it’s running a pilot that’ll allow you to settle transaction with USD Coin. USDC is a stable coin that won’t suffer from other cryptocurrencies’ sudden wild swings. PayPal’s “Checkout with Crypto” feature works with even more currencies and has started rolling out to all US users today.
PayPal CEO Dan Schulman said:
“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.”