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PayPal announced the launch of Checkout with Crypto, a new feature that allows PayPal consumers to use their cryptocurrency holdings to pay for select online purchases.
PayPal already allows to buy, hold, and sell crypto. Now you will be able to Checkout with Crypto. Customers who hold Bitcoin, Litecoin, Ethereum, or Bitcoin Cash in PayPal digital wallets, will now be able to use Checkout with Crypto to check out safely and easily converting cryptocurrency holdings to fiat currency at PayPal checkout.
If you have sufficient cryptocurrency balance of a single type to cover a purchase, Checkout with Crypto will automatically appear at PayPal checkout.
Here's how Checkout with Crypto works:
- At checkout, if you have sufficient balance of cryptocurrency, crypto will automatically display as a payment method along with other payment methods (only for eligible purchases).
- You can select either Bitcoin, Litecoin, Ethereum or Bitcoin Cash, depending on what you hold with PayPal and the balances available in each cryptocurrency.
- Once you confirm the purchase, the cryptocurrency is converted to fiat currency and the transaction is completed.
- PayPal charges no transaction fee to checkout with crypto - a cryptocurrency conversion spread will be built into the conversion from crypto to USD.
While users who hold cryptocurrency in PayPal wallets may find the feature convenient, for now, it can be used for eligible purchases only. Plus, it's impossible to combine balances of two or more cryptocurrencies. Only one type of cryptocurrency can be used for each purchase.