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Rumors on PayPal’s Checkout with Crypto began on the 30th of March. Later in the day, PayPal CEO Dan Schulman confirmed this news.
Online payment company PayPal Holding Inc (NASDAQ: PYPL) has officially launched the “Checkout with Crypto” feature for its US customers. The new feature, which will accelerate the use of crypto globally, is available across PayPal’s merchants worldwide. With the launch of the new feature, PayPal users in the US can now Checkout with Crypto along with other payment methods available on the PayPal wallet.
PayPal Officially Confirms ‘Checkout with Crypto’ Feature
Rumors on PayPal’s Checkout with Crypto began on the 30th of March. Later in the day, PayPal CEO Dan Schulman confirmed the development to Reuters ahead of the company’s official announcement. The CEO noted that the new feature signifies the first time that users will be able to make payments with cryptocurrencies inside the PayPal wallet, same with using a credit or debit card.
To make payments, PayPal customers must ensure that they have sufficient cryptocurrency of a particular type. The supported cryptos on PayPal are Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), and Ethereum (ETH). PayPal declared its support for the selected cryptocurrencies when it announced its support for crypto in October 2020.
In addition, PayPal also said that customers using Checkout with Crypto could easily convert their crypto to cash at checkout at zero transaction fees. For customers who have sufficient crypto balance to make payments, the Checkout with Crypto feature will automatically appear in their Paypal wallets.
Furthermore, Schulman commented on the newly-launched feature. He said:
“As the use of digital payments and digital currencies accelerate, 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.”
PayPal’s Stock Up
After PayPal announced the launch of Checkout with Crypto, PYPL closed at a 0.4% gain to $236.54. The company is currently at pre-market trading of $237.14, a 0.25% increase over its previous close of $236.54.
In the last 12 months, PayPal stock has surged nearly 159%. The online payment giant has also increased by 1% in its year-to-date record. Also, the company has grown more than 2% in the last three months. PayPal shares also jumped 0.97 in the last five days. Despite the growth, PayPal has declined more than 7% over the past month.
PayPal announced its new feature about a week after Tesla Inc (NASDAQ: TSLA) said customers can now buy any of its cars with Bitcoin. Unlike PayPal, Tesla noted that transactions completed with Bitcoin would remain in the crypto asset and not be converted to cash. Tesla’s involvement in Bitcoin started with the company’s $1.5 billion investment in king coin. Transactions conducted with Checkout with Crypto will be converted to fiat currencies for all businesses. Business owners will receive fiat currency while customers receive a record of the crypto sale and the purchased item.