PayPal has finally made another huge announcement for the entire cryptocurrency community as well as its users interested to know about cryptocurrencies. The online payments giant has announced that the users will now be able to acquire services through global merchants with cryptocurrencies.
This means that the users at PayPal will now have access to millions of merchants globally that they can acquire services from and pay them using cryptocurrencies.
The announcement was made by the CEO and president of PayPal, Dan Schulman on Tuesday, March 30, 2021. Schulman has officially confirmed that PayPal users will now have the ability to make payments to millions of merchants in cryptocurrencies.
It was the early morning of March 30, 2021, when the news was first broke by the inside sources that PayPal’s CEO was going to make a huge announcement regarding cryptocurrency payments.
Later in the day, the rumor was indeed confirmed by Dan Schulman, PayPal’s CEO. Dan Schulman also confirmed to the media sources that PayPal is currently in the process of readying the official statement. Once the statement has been readied and finalized, it will be released for public viewing.
With the integration of the new service, the users will now have access to a separate checkout service for cryptocurrencies. The users will see the cryptocurrency checkout service option for merchants that are authorized to accept cryptocurrencies as a mode of payment. Using the coins on their accounts, the users will be able to pay for the services through cryptocurrencies.
PayPal has confirmed that it has a system in place that will convert the cryptocurrencies the moment the customer makes a payment. Once received, the system will automatically deliver the equivalent funds to the merchant in which the merchant is providing the service. The merchants will be receiving the funds in fiat currency.
The firm has announced that the checkout service will be available for all the cryptocurrencies that PayPal currently supports. The names of the supported cryptocurrencies are Bitcoin Cash (BCH), Litecoin (LTC), Ether (ETH), and Bitcoin (BTC).
Another announcement that PayPal has made that the users using cryptocurrencies to make purchases will not be charged with any transaction fees. Furthermore, the users will only be able to use one cryptocurrency at a time in order to make the purchase.
While making an announcement around the launch of the cryptocurrency payment service checkout, Dan Schulman also talked about the company’s approach towards cryptocurrencies.
Schulman stated that there used to be a time when cryptocurrencies were considered to be assets of investments. People only used by them for the sole purpose of trading in order to make profits. However, the cryptocurrency industry has grown way beyond that point now and it is now being accepted globally as a mode of payment.