PayPal to allow US consumers to pay using cryptocurrencies

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PayPal Holdings Inc (NASDAQ:PYPL) said US consumers can use cryptocurrencies at checkout, significantly boosting the usefulness and acceptance of digital currencies worldwide.

The payment platform announced the launch of ‘Checkout with Crypto’, a new feature which will be available across millions of global online businesses.

“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 chief executive of PayPal. 

“Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies,” he said.

Checkout with Crypto will appear as a payment method for customers if they have sufficient cryptocurrency of a single type held in their PayPal wallet to cover the purchase price. It will appear alongside other payment methods such as a bank account and credit card/debit card.

It plans to expand the feature over the coming months.

About 375 million consumers and merchants use the PayPal platform worldwide.

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