PayPal Will Allow Users To Use Cryptocurrency At Checkout For 29M Merchants

LONDON, UK - March 2021: Bitcoin cryptocurrency on a paypal online payment logo

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PayPal is continuing its effort to make cryptocurrency mainstream.

On Tuesday, PayPal’s Checkout announced that it will allow bitcoin (BTC), ether (ETH), bitcoin cash (BCH), and litecoin (LTC) to be used when making purchases at the approximately 29 million online merchants that accept PayPal’s online payments.

The crypto checkouts can be used in the same way as debit and credit card payments, via CoinDesk.com.

Last year, PayPal added the ability to buy and sell cryptocurrency on its platform.

“Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies,” PayPal CEO Dan Schulman said in a statement.

While this is just the first step in helping push cryptocurrencies to the mainstream, it will be a good test.

Merchants have been skeptical about accepting crypto because of its volatility, but PayPal is taking a positive step forward by converting the crypto to cash at the time of payment to eliminate the risk for accepting merchants.

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