Payments giant PayPal will announce later today its US customers will be able to use cryptos as a means of payment at millions of online merchants, Reuters has reported. The move is expected to contribute to the adoption of cryptocurrencies in everyday commerce.
Customers who store Bitcoins, Ethers, Litecoins and Bitcoin Cash in their PayPal wallets will be able to convert them to fiat money during checkout. According to the company, the service will be available at all the 29 million cooperating merchants in the coming months. PayPal CEO Dan Schulman said:
"This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet."
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PayPal announced in October, when the company announced Bitcoin support in its wallets, that it intended to add the ability to pay for products and services with cryptocurrencies.
PayPal believes the option involving automatic conversion is the most suitable for the vast majority of merchants, as they do not have to worry about volatility in the price of cryptocurrencies. The company has promised it will not charge any fee for processing transactions and will only allow one type of coin to be used for each purchase. Schulman added:
"We think it is a transitional point where cryptocurrencies move from being predominantly an asset class that you buy, hold and or sell to now becoming a legitimate funding source to make transactions in the real world at millions of merchants."