PayPal has officially rolled out its long-awaited "cryptocurrency payment" feature for merchants, a move first hinted at in November 2020. Ahead of the official announcement, PayPal CEO Dan Schulman revealed to Reuters that the platform will not charge transaction fees for crypto payments.
Key Features of PayPal’s Crypto Checkout Service
- Seamless Conversion: Users can now pay merchants by automatically converting cryptocurrencies (BTC, ETH, BCH, LTC) in their PayPal wallets to fiat currency at checkout.
- Merchant Adoption: Initially available to select U.S. users, the service will expand to 29 million global merchants within months.
- Zero Fees: No transaction fees for crypto payments, though only one cryptocurrency can be used per purchase.
👉 How to Start Accepting Crypto Payments Today
Market Impact
Bitcoin surged 3.77% following the news, breaking past $59,000 (per TradingView data). This aligns with PayPal’s role as a major driver of crypto mainstream adoption.
Dan Schulman, PayPal CEO:
"This is the first time users can seamlessly spend cryptocurrency from their PayPal wallets just like a credit card. It’s a transitional step toward crypto becoming legitimate funding for commerce."
Industry Trends
- VISA: Plans to enable crypto payments across 70 million merchants, recently piloting USDC settlements.
- Mastercard: Launched the first CBDC-linked prepaid card in the Bahamas.
FAQ
Q: Will PayPal support crypto-to-crypto transactions?
A: No. Payments are converted to fiat for merchants to avoid volatility risks.
Q: Are there limits on crypto payments?
A: Users can only spend one cryptocurrency per transaction.
Q: When will global merchants access this feature?
A: Full rollout expected within months.
👉 Explore Crypto Payment Solutions for Your Business
Future Outlook
PayPal’s move addresses crypto’s volatility hurdle by settling transactions in fiat, encouraging merchant adoption. Schulman emphasized:
"Crypto has evolved from a ‘buy-and-hold’ asset to a viable funding source."
Related Developments
Keywords: PayPal cryptocurrency, Bitcoin payments, crypto checkout, merchant adoption, BTC price surge, Visa crypto integration, stablecoin settlements.
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