Bitcoin News and Finance
Paypal Enables Cryptocurrency Payments at Millions of Stores With ‘Checkout With Crypto’ Launch Skip to main content

Paypal Enables Cryptocurrency Payments at Millions of Stores With ‘Checkout With Crypto’ Launch

Paypal Enables Cryptocurrency Payments at Millions of Stores With 'Checkout With Crypto' Launch

Payments giant Paypal has launched the “Checkout With Crypto” service to allow consumers to make payments at millions of merchants using cryptocurrencies in their Paypal wallets. “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,” said Paypal’s CEO.

Crypto Payments Through Paypal Now Enabled at Millions of Merchants

Paypal Holdings Inc. announced on Tuesday the launch of a new service called “Checkout with Crypto.” The announcement details:

Available at millions of global online businesses and continuing to expand over the coming months, Paypal customers with cryptocurrency holdings in the U.S. will be able to choose to check out with crypto seamlessly within Paypal at checkout.

“Checkout with Crypto will automatically appear in the Paypal wallet at checkout for customers with sufficient cryptocurrency balance to cover an eligible purchase,” the announcement adds. “All transactions are settled in USD and converted to the applicable currency for the business at the standard Paypal conversion rates.”

The currently supported cryptocurrencies are bitcoin, bitcoin cash, litecoin, and ether. The crypto payment service will be available at all of its 29 million merchants in the coming months, the company told Reuters, adding that it will charge no transaction fee for payments using cryptocurrencies and only one type of coin can be used for each purchase.

Paypal’s crypto payment service launch followed Elon Musk’s Tesla accepting BTC as a means of payment for its cars. However, Paypal merchants will be receiving fiat currency whereas Tesla Technoking Musk said that his company will keep all the BTC payments without converting them into fiat currency. Visa is also working to allow bitcoin payments at 70 million stores.

Dan Schulman, Paypal’s president and CEO, told the news outlet ahead of a formal announcement, “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.”

Schulman further opined:

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.

Paypal launched its crypto service allowing customers to buy and sell cryptocurrencies in October last year with a plan to enable all of its merchants to accept cryptocurrencies. The company set up a dedicated crypto business unit last month and early this month, it acquired crypto-security firm Curv to expand its digital asset initiatives.

What do you think about Paypal enabling crypto payments at millions of stores? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory