PayPal will allow US users to pay with Bitcoin, Ether, Bitcoin Cash and Litecoin. PayPal’s infrastructure is used by millions of businesses around the world.
According to Reuters, PayPal users will be able to shop using cryptocurrencies at payment points where PayPal is valid. Payments will be converted into fiat money, unlike the new service Visa will offer.
There are 29 million payment points
PayPal users have been able to buy / sell cryptocurrencies since October 2020. The cryptocurrencies taken from the application can now be used at payment points in the USA.
PayPal is expected to grow its cryptocurrency service in the coming months and to be able to make transactions with cryptocurrencies at 29 million different locations around the world.
“Like a credit or debit card”
“For the first time, people will be able to use cryptocurrencies in PayPal wallets as debit or credit cards,” said PayPal CEO Dan Schulman. said.
Payments made with cryptocurrency will be transferred to the business owner as fiat money, not crypto, in order to avoid the risk of volatility. According to Schulman, cryptocurrencies “have become a legitimate source of funds,” although the settlement did not take place via blockchain.
Bitcoin price rose to over $ 59,000 after PayPal news.