(Washington) US online payment giant PayPal on Tuesday announced that it is accepting cryptocurrency payments in the United States as a move to speed up the acceptance of Bitcoin, Ether and other Litcoin transactions.
The group said in a statement that the new feature in PayPal Wallet will enable customers to “pay in crypto” along with other payment methods.
The service “will be available to millions of online businesses worldwide and in the coming months, customers with cryptocurrency holdings in the United States will be able to choose to pay smoothly on crypto,” PayPal said.
“As payments and the use of digital currencies accelerate, ‘Pay in crypto’ is being introduced in line with our move to support the widespread adoption of cryptocurrency,” said Paypal CEO Dan Schulman.
The next step is to initiate cryptocurrency purchases from businesses around the world, which will increase the ubiquity and massive acceptance of digital currencies.
Dan Schulman, PayPal owner
Specifically, transactions are settled in dollars and converted into currency applicable at standard PayPal exchange rates.
The company says the “Pay In Crypto” feature allows customers to sell cryptocurrency through PayPal and pay for their online purchases in a single, seamless checkout stream.
PayPal was not the first online payment service to support the use of cryptocurrencies. Square launched an app in 2018 that allows purchases in Bitcoin. Online payments with 377 million accounts should weigh in on the popularity of juggernaut cryptocurrencies.
On Monday, credit card issuer Visa announced it was accepting the USD Coin, a currency-based stable coin-cryptocurrency, to settle transactions for some of its cards.
“Visa will be experimenting with crypto.com, one of the largest crypto platforms, and plans to offer the USDcoin settlement to other partners later this year,” the group said in a statement.
USDCoin is the second largest cryptocurrency currency, based on Ethereum’s network.
First, the value of Bitcoin rose by almost 3% to $ 58,896 on Tuesday.