PayPal will allow users to pay with cryptocurrencies at millions of merchants

PayPal users will soon be able to use their cryptocurrency holdings on the platform for payments at millions of its merchants across the globe.

The online payment company is expected to announce the cryptocurrency checkout feature on Tuesday, Reuters has reported. PayPal first revealed it was working on the feature in 2020, and it's expected to roll out to all 29 million of its merchants in the "coming months."

Customers who hold Bitcoin, Ether, Bitcoin cash, or Litecoin in PayPal digital wallets will be able to convert those cryptocurrencies into fiat currency for use at checkout, the company said.

"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," CEO Dan Schulman told Reuters.

The feature builds on PayPal's existing cryptocurrency support, which it officially launched in October. That offering made the company one of the largest mainstream financial services providers to adopt cryptocurrencies. In February, PayPal also set up a dedicated cryptocurrency business unit that is expected to launch later in 2021.

Cryptocurrencies have exploded in popularity — and value — in recent years. Since the beginning of 2020, Bitcoin, for example, has surged more than 660%. As of writing on March 30, a single Bitcoin is worth $58,885.30.

6 Comments

randominternetperson 3095 comments · 8 Years

About 3 years ago

Next maybe I can pay with AAPL shares? Makes about as much sense.

larryjw 1036 comments · 9 Years

randominternetperson said:

Next maybe I can pay with AAPL shares? Makes about as much sense.

Probably makes more sense to pay in AAPL shares.

First, the system is capable of handling tens of thousands of share transactions a second, whereas, Bitcoin can only handle 5 to 7 a second while using up the electrical power of Argentina.

Second, aapl shares have value with some basis in the real economic activity of a successful company.

foregoneconclusion 2836 comments · 12 Years

Crypto is not currency. It's a speculative commodity. The whole point of currency is to provide a relatively stable value, not something that wildly inflates or crashes.

crowley 10431 comments · 15 Years

Jfc, cancelling my PayPal account. Anyone who has anything to do with this nonsense needs a kick in the balls.

MacPro 19838 comments · 18 Years

larryjw said:

randominternetperson said:

Next maybe I can pay with AAPL shares? Makes about as much sense.

Probably makes more sense to pay in AAPL shares.

First, the system is capable of handling tens of thousands of share transactions a second, whereas, Bitcoin can only handle 5 to 7 a second while using up the electrical power of Argentina.
Second, aapl shares have value with some basis in the real economic activity of a successful company.

Wow, I checked, you are pretty close with that analogy. https://yearbook.enerdata.net/electricity/electricity-domestic-consumption-data.html