PayPal: the payment Giant is set to allow U.S users to use Bitcoin as a medium of payment at global merchants
April 1, 2021 3:13 AM
The online payment giant continued to make inroads into the industry in early March when it acquired Curv a digital asset security firm in a deal speculated to be worth around $200 million.
In its adoption of cryptocurrencies, the firm cemented its place further in the crypto space after the payment giants reveal plans to roll out a checkout service that waives transaction fees for purchases made in cryptocurrencies.
As confirmed by the online payment giant's chief executive officer 'CEO', PayPal will start to accept crypto as a medium of payment on millions of global merchants currently on the PayPal network.
News regarding the company decided to accept cryptocurrencies first broke out on March 30. Which was later confirmed by PayPal CEO Dan Schulman that rumors were true and an official statement from the firm would be released in a flash, as he spoke to Reuters on that day.
The company's new system is expected to have a crypto checkout service where customers can pay for goods and services on various merchants using their digital assets. The system will reportedly relieve merchants of any conversion stress as they will automatically receive all payments made with crypto in fiat currency.
It is expected that the Payment giant will include all four of its supported cryptocurrencies in the checkout service which comprises Bitcoin, Ether, Bitcoin Cash, and Litecoin. However, customers who make payments using crypto will incur zero transaction fees on purchases with just one coin available to be used per purchase.
Schulman added regarding the launch of the checkout service and said:
Currently we believe cryptocurrency is at that point where it moves from mainly an asset class people just buy, sell or hold to now evolving into a genuine funding source to transact in the real world at millions of merchants.
The news comes just 24 hours after Visa revealed in a statement that it would drive a new payments system using stablecoins based on Ethereum network which will see participating merchants agree on resolving users fiat transactions using the USDCoin (USDC).