PayPal announced on Tuesday that it will be launching “Checkout with Crypto,” which allows users to pay with cryptocurrency when making purchases online.
The new feature will allow customers to securely pay online, converting cryptocurrency holdings to fiat currency at checkout.
“Fiat Currency is government-issued currency that is not backed by a physical commodity, such as gold or silver, but rather by the government that issued it,” PayPal said in a news release.
“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 of PayPal.
FILE – Bitcoin golden physical coin illustration on dark black background with reflection.
Customers will be able to use Bitcoin, Litecoin, Ethereum or Bitcoin Cash, and PayPal will not charge any additional fees for choosing the cryptocurrency methods of payment.
“Enabling cryptocurrencies to make purchases at businesses around the world