Cryptocurrency has become a hot topic nowadays. In one survey, 35% of US investors said they’d invest in Crypto instead of the stock market. Moreover, in the first quarter of 2021, the biggest online payment system, PayPal, announced the checkout with Crypto. They announced that they’d allow US consumers to use their coins and make the payment. It is a big move as it can change the whole concept of digital payments.
PayPal is the most popular payment system with 392 billion active users across the globe and combined with the latest crypto checkout, it can change the whole market. With PayPal, customers who have bitcoin, ether, Litecoin, and any other digital currency in their wallet can convert them into fiat currencies and use them as per their convenience.
To make the process more convenient for users, the pay with crypto option will be available at the checkout. However, users can use only one type of Cryptocurrency for one purchase. Thus, it is important to maintain enough crypto balance for the purchase.
As the world is turning digital, currency is no exception. Before PayPal announced checkout with Crypto, Tesla announced that they’d accept the bitcoin as a car payment. Dan Schulman, the president and CEO of PayPal, said that by focusing on Cryptocurrency, PayPal would offer more flexibility and payment choices to make the process easier for their customers.
PayPal does not charge any extra fees to convert the Cryptocurrency to make it similar to a traditional payment method. Additionally, global customers have to pay the regular currency conversion fees as all the currency will be in USD.
As mentioned earlier, with the crypto checkout, the Cryptocurrency gets converted into fiat currency by PayPal automatically and completes the transaction in USD. Once the customer makes the purchase, the Cryptocurrency gets converted into fiat currency, and the customer gets a receipt for both the crypto sale and the product.
PayPal offers many benefits like security, safety, 24*7 fraud protection, return shipping, and product safety. Already PayPal is dominating the payment system market with the partnership of 200 markets in the global community. Now with the crypto checkout, it will change the face of the eCommerce industry.
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