With the announcement of a new crypto checkout service, you will be able to enjoy low transaction fees on your purchases with cryptocurrency. PayPal's president and CEO confirmed, saying that the company was "always looking at ways to make commerce easier."
President and CEO of the online payments giant PayPal revealed on Tuesday that his company will start to accept cryptocurrency as a medium of exchange at its millions of global merchants.
The crypto revolution is officially here and it's time to cash in. With this new system that will be released soon, you won't need a credit card or debit cards any more because all your hard-earned money can just live right on the phone! Users will reportedly be able to use the CoinPayments portal, which allows them to purchase items with cryptocurrency from any merchant that accepts it as payment.
The transactions are allegedly fast: merchants receive equivalent funds in fiat currency after they have been subject to quick transfer at the time of sale. When PayPal launches its new checkout service, shoppers will be able to use a variety of different cryptocurrencies on purchases.
Currently, the list is expected to include Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash. Shoppers who pay with one cryptocurrency won’t have any transaction fees imposed upon them for that purchase; they can also utilize just one coin per order if desired!
“We think it is a transitional point where cryptocurrencies move from being predominantly an asset class that you buy, hold and or sell to now becoming a legitimate funding source to make transactions in the real world at millions of merchants,” said Schulman, regarding the launch.
PayPal continues to make inroads into the crypto space. They recently acquired a digital assets security firm, Curv for $200 million and when they initially announced their intention of joining the industry back in October 2020, Galaxy Digital CEO Mike Novogratz said it was "the shot heard around Wall Street" as everyone wanted an inside look at how things would play out on this venture. The million-dollar question that everyone has is whether or not these stablecoins will actually be used on a day-to-day basis.
