Paypal Allows Crypto Transactions
After the recent news of Visa accepting Crypto payments, PayPal is now allowing Crypto payments too.
Starting with US users, Bitcoin, Bitcoin Cash, Ethereum, and Litecoin can be used to buy and sell directly from a US Paypal account. This comes after the feature in which they allowed users in the US to buy and sell Cryptocurrencies
Via the new PayPal “Checkout with Crypto,” feature launched yesterday; it allows users to instantly convert their Bitcoin, Bitcoin Cash, Ethereum, or Litecoin into USD that PayPal can then use to complete a transaction. The massive benefit is that this conversion into USD comes with no additional transaction fees. If a merchant does not accept USD, PayPal will also convert the USD into the local (or accepted) currency at standard conversion rates.
It is worth noting this feature appears if a user has “sufficient Cryptocurrency balance to cover an eligible purchase.” Only one type of Cryptocurrency can be used for each purchase too. So you cannot combine your Ethereum and Litecoin balance for example to make up the cost of the transaction.
This is further big news for the Crypto sector and we at Complete Crypto forsee more payment apps and competitors of PayPal to follow suit in the near future… If you’re wanting to start upping your Crypto balance and holdings check out the best Exchanges here.