Daily Management Review

PayPal launches cryptocurrency payments


PayPal added the option of paying for goods and services in cryptocurrencies for US customers. After confirming the transaction, the service will exchange the cryptocurrency for regular dollars at its internal exchange rate, which already includes the cost of conversion.

Marco Verch
Marco Verch
PayPal has added cryptocurrencies to its list of payment options, according to a statement on its website. The new service is called Checkout with Crypto and is available to users who have cryptocurrency accounts in the US. The company promises to continue expanding the service in the coming months and making it available to all 29 million merchant partners, the statement said.

The new payment option will automatically appear at the order confirmation stage, but only for those with enough digital money in their accounts to charge. At the time of payment, the cryptocurrencies are converted into dollars at PayPal's standard internal exchange rate. The buyer will receive a receipt with the amount of the cryptocurrency transaction and the name of the item. The service noted that it does not charge a separate fee for cryptocurrency payment and conversion, but the spread is embedded in the exchange rate.

PayPal will allow paying for items in one of four available cryptocurrencies - Bitcoin, Litecoin, Ethereum or Bitcoin Cash. A single transaction can only be made in one cryptocurrency. The new service continues PayPal's commitment to being a leader in promoting cryptocurrencies and offers customers flexibility and choice in terms of paying through the service, the company cited CEO Dan Schulman as saying.

source: bloomberg.com