PayPal Holdings Inc. is set to announce a cryptocurrency checkout service for millions of online merchants across the globe later on Tuesday, according to Reuters.
- The service will allow PayPal digital wallet customers who hold Bitcoin, Ether, Bitcoin Cash, and Litecoin to convert their holdings into fiat currencies at checkouts to make purchases.
- The offering will be made available to all 29 million merchants in the coming months, building on the ability for PayPal users to buy, sell, and hold cryptocurrencies launched in October.
- The development makes PayPal one of the biggest mainstream financial companies to open its network to cryptocurrencies. Just last week, Tesla Inc. said it would start accepting Bitcoin payments for its cars.
- PayPal will not charge transaction fees to checkout with crypto, and only one type of coin is allowed for each purchase.
- “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,” President and CEO Dan Schulman said.