PayPal Holdings, Inc. (NASDAQ:PYPL) announced on Tuesday the launch of Checkout with Crypto, a new feature that allows customers in the U.S. to check out with cryptocurrency along with other payment methods through the PayPal mobile wallet.
“Building on the ability to buy, hold and sell cryptocurrency with PayPal, customers using Checkout with Crypto can check out safely and easily, converting cryptocurrency holdings to fiat currency at checkout, with certainty of value and no additional transaction fees.”
The Checkout with Crypto payment flow remains similar and familiar to other ways of checking out with PayPal:
- At checkout, if a customer has a sufficient balance of cryptocurrency to cover an eligible purchase, crypto will automatically display as a payment method for that purchase.
- Customers will be able to select their cryptocurrency of choice – Bitcoin, Litecoin, Ethereum, or Bitcoin Cash, depending on what they are holding with PayPal and the balances available in each cryptocurrency. One type of cryptocurrency may only be used for each purchase.
- Once the customer confirms the purchase, the cryptocurrency is converted to fiat currency by PayPal on the customer’s behalf and the transaction is completed.
PayPal also noted it charges no transaction fee to Checkout with Crypto. Sharing more details about the feature, Dan Schulman, President and CEO of PayPal, stated:
“As the use of digital payments and digital currencies accelerates, the introduction of Checkout with Crypto continues our focus on driving mainstream adoption of cryptocurrencies, while continuing to offer PayPal customers choice and flexibility in the ways they can pay using the PayPal wallet.”
PayPal went on to add that Checkout with Crypto will automatically appear in the PayPal wallet at checkout for customers with sufficient cryptocurrency balance to cover an eligible purchase.