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PayPal to start letting US customers pay in Bitcoin at global merchants

A checkout service will be implemented which waives transaction fees for purchases made using crypto, PayPal’s president and CEO confirmed.
Online payments giant PayPal will start to accept cryptocurrency as a medium of exchange at its millions of global merchants, the firm’s president and CEO revealed on Tuesday ahead of a formal announcement.News broke regarding PayPal’s rumored decision to accept cryptocurrencies early on March 30. Later in the day, the firm’s CEO, Dan Schulman, confirmed to Reuters that the rumors were true and that an official statement would be released imminently.The new system is expected to feature a crypto checkout service where users can pay for goods and services at approved vendors using their stored coins. The system will reportedly see merchants receive equivalent funds directly in fiat currency after coins are subject to a quick transfer at the time of sale. The checkout service is expected to be available for all four of PayPal’s supported cryptocurrencies upon launch, consisting of Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH). Customers who pay with cryptocurrencies will incur no transaction fees on purchases, and only one coin can be used per purchase.“We think it is a transitional point where cryptocurrencies move from being predominantly an asset class that you buy, hold and or sell to now becoming a legitimate funding source to make transactions in the real world at millions of merchants,” said Schulman, regarding the launch. In October 2020, when PayPal’s intention to …
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