PayPal has announced it is giving customers the chance to ‘checkout with crypto’ at its 29 million merchants for everyday purchases.
The service, which is currently only available to consumers in the US, will enable the payment of goods with popular cryptocurrencies such as Bitcoin, Ethereum and Litecoin when checking out.
“This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet,” PayPal chief executive Dan Schulman told Reuters.
The announcement comes after the payment provider said it would enable the buying, selling and holding of cryptocurrencies in users’ PayPal wallets in October last year.
“Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies.” Schulman said.
READ MORE: PayPal to acquire cryptocurrency start-up Curv suggesting shoppers could soon pay with digital currency
Usually PayPal charges a two per cent fee on top of the RRP when paying using fiat currency in the US however the payment provider has said it will not be the charging transaction fees when checking out with crypto.
Once the transaction is complete, the user receives a digital record of the sale as normal.
Confidence is growing in cryptocurrencies and the announcement follows Tesla’s lead of allowing the purchase of cars with Bitcoin last month.
PayPal hope that the rollout of their crypto services will ease the fears surrounding the use of crypto for merchants and consumers alike by settling the payments in fiat currency instead.
“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,” Schulman added.