Checkout with Crypto is the new payment option available for PayPal customers when shopping online. Users can select their cryptocurrency when checking out and they'll see the current conversion rate to fiat currency such as US dollars, euros or British pounds. PayPal will then convert the amount of crypto needed for the purchase and send it to the seller to complete the sale without any additional transaction fees. The feature is available for millions of businesses across the globe, and the company says it will continue to expand its usage over the coming months.
"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, PayPal, said in a statement Tuesday. "Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies."
One point cryptocurrency users should keep in mind is that PayPal doesn't work with digital wallets. So those who already own some Bitcoin, for example, won't be able to transfer it to their PayPal account. They will need to buy Bitcoin via their PayPal account in order to use it for Checkout with Crypto.