PayPal Holdings Inc., the American company that offers online payments, will announce later on Tuesday it is beginning to allow US users to utilize their digital currency holdings to make payments on its online sellers all over the world.
Users that possess bitcoin, bitcoin cash, ether, or litecoin in the digital wallets of PayPal, will be given the opportunity to trade their digital assets into fiat currencies at checkouts. This makes it easier for them to shop and could increase the use of crypto in everyone’s daily life.
All of PayPal’s 29 million merchants will be included in this service in the following months.
“This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet,” Dan Schulman, President, and CEO said in an interview for Reuters.
One of the most important reasons cryptocurrency isn’t used for everyday commercial purposes is its continuous volatility. PayPal is very confident that the service it’s providing will change that.
“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,” Schulman stated.
PayPal won’t request any transaction fees when users will check out using cryptocurrencies. Also, they will be able to use only one type of token for each purchase.