PayPal recently made an announcement highlighting the addition of a crypto-based payment and transaction system into their network in the United States.
The service will soon allow its users to conduct online transactions using their cryptocurrency assets. Currently, PayPal has announced the support for Bitcoin, Ethereum, Litecoin and Bitcoin Cash as a means to give users flexibility in online payments. During checkouts using PayPal, users will be given the option to pay with either the traditional credit/debit card method, the default PayPal service and now, a new method that will allow PayPal users to pay using cryptocurrency as well. The option to pay using crypto will only appear if the user has enough crypto to handle the cost of the product, which means that PayPal has implemented a robust integration of crypto into their system, keeping track of the user’s balance and coins.
For now, PayPal has not added any extra transaction fee for standard currency, but if one needs to convert currency from fiat to crypto to meet the required amount, then there will be an extra cost added to the final bill. Another policy is added in which only a single type of cryptocurrency can be used in 1 transaction, meaning that a user cannot pay using a combination of different types of cryptocurrencies at a single time.
This integration of crypto into the transaction service behemoth will be extremely beneficial not only for the crypto space but for the normal market as well. The number of trades had already boomed when PayPal initially announced the support for crypto into their systems back last year. It is estimated that around 30 Million more traders are expected to join PayPal’s network because of this added payment flexibility. PayPal is already an extremely popular platform for conducting online payments, and it looks like the team at PayPal is not holding back when it comes to providing its users with the best features while also gaining profit and stability.
As of now, the crypto trade upgrade has only been provided to users in the US, but PayPal has also announced that it will surely spread this feature around the globe in 2021.