Last October, 2020 PayPal permitted users to buy, sell and hold various cryptocurrencies.
Now, the payment platform is letting customers "Checkout with Crypto."
Users can select the option at checkout, and PayPal will convert the amount needed to fiat currency which will then be sent to the seller.
The company is offering this service without any additional transaction fees.
"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." Dan Schulman, president and CEO of PayPal, via statement.
"Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies." Dan Schulman, president and CEO of PayPal, via statement.
As of now, users cannot transfer cryptocurrency they already own to their PayPal account. Instead, they must buy cryptocurrency through their PayPal account in order to use it at checkout for other purchases.
