Cryptocurrencies are becoming more mainstream as time passes by. More and more companies are treating it as the asset it’s meant to be. And payment companies like Paypal, Visa, and Square are bringing in crypto payment services on their platform. Paypal has already enrolled its “checkout with crypto” for users in the US on the 30th of March, while Visa will also be doing that soon. This feature will let users pay directly with their crypto holdings at the merchants that accept payments through PayPal.
PayPal crypto payment services
PayPal was among the first major companies that enabled the trading options of crypto on its platform. Back in November, when the craze for Bitcoin and other currencies were just taking off, Paypal added buying and selling options of the same for its users. But what it didn’t add was the option to use the same coins one is holding to purchase stuff. But now, PayPal will allow direct transactions with three mainstream coins. These are “Bitcoin, Ethereum, and Litecoin.” All of the coins are secure and have a huge user base. So, adding all of them to the app is a really good thing for Paypal.
After payment is made in crypto, the same currency will be converted to the US Dollar to pay the merchant. It will also be converted to any other curreny if the merchant wishes to receive payment in that form. When you open your app to make a payment, you can either checkout normally or use crypto. While using the latter, you will be shown all the coins eligible to be used for the purchase and the balance. Do note that if the checkout with crypto option is not showing up on your payment screen, there is a high possibility that you don’t have enough crypto balance to make the payment.
What does it mean for crypto?
There is nothing better than a Bitcoin going so mainstream that it will be used for payments. PayPal has such a huge user base that the option of crypto payments on its app is going to get a lot of attraction. And fortunately enough, it is also not the only company to enable such options on its app. Even other companies like Visa and Mastercard are also planning to enable the payment option on their portals. On the other hand, Square, another competitor of PayPal, has the option of crypto payments on its app since 2018.
Remember that even though we treat crypto as an asset that’s going to increase in value with time, it was not intended to be that. The creator of Bitcoin wanted it to be used a curreny just like the dollar. And finally, that could be happening here. It seems the era of crypto is near.
What are your thoughts on PayPal enabling “crypto payment services” on its app? And do you think it will get a positive response from users? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.