Those of you who use PayPal and live in the US can start paying with Bitcoin, Ethereum, and Litecoin starting today. This is a major new feature added to the service.
This is not PayPal’s first foray into cryptocurrencies, though, not at all. Users were already able to buy and sell cryptocurrencies using their PayPal account. Well, now they can actually pay with them as well.
PayPal users in the US can now pay with Bitcoin, Ethereum, and Litecoin
PayPal was planning this for quite some time. Users in the US can now pay with Bitcoin, Ethereum, and Litecoin via the “Checkout with Crypto” feature. The feature is rolling out today, and it may take a bit of time for it to become available on your account.
Do note that when converting your Bitcoin, Ethereum, or Litecoin into dollars, you won’t be charged any additional transaction fees. If a merchant doesn’t take US dollars, PayPal will convert those dollars into a local currency at standard conversion rates set by the company.
This new feature will automatically appear in your PayPal wallet if you live in the US. Do note that you need to have “sufficient cryptocurrency balance to cover an eligible purchase”.
You’ll also be able to see your crypto balances for each kind of cryptocurrency within the PayPal app. That being said, you can only use one type of cryptocurrency for each individual purchase.
While PayPal is probably the best-known payment app to support cryptocurrency, it certainly isn’t the first one. Square added the ability to pay with Bitcoin way back in 2018.
Cryptocurrencies became quite popular in the last couple of years
Cryptocurrencies are here to stay, and some of them became quite popular over the years. Bitcoin is still the most popular one, and was the one that popularized cryptocurrencies in general.
This feature will probably spread to more regions in the future, though we currently have no idea when that may happen. PayPal did not mention any other country except the US.