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30 Mar 2021 | 14:04

Paypal launches 'Checkout with Crypto' service in the US

(Sharecast News) - PayPal has launched a new 'Checkout with Crypto' service that will allow consumers in the US to use cryptocurrencies to check out. The company said on Tuesday that the service will be available at millions of global online businesses and continue to expand over the coming months, allowing PayPal customers with cryptocurrency to check out with crypto "seamlessly".

Customers using the service will be able check out safely and easily, converting cryptocurrency holdings to fiat currency at checkout, with certainty of value and no additional transaction fees. Fiat currency is government-issued currency that is not backed by a physical commodity, such as gold or silver, but rather by the government that issued it.

'Checkout with Crypto' will automatically appear in the PayPal wallet at checkout for customers with sufficient cryptocurrency balance to cover an eligible purchase.

PayPal president and chief executive Dan Schulman said: "As the use of digital payments and digital currencies accelerates, the introduction of Checkout with Crypto continues our focus on driving mainstream adoption of cryptocurrencies, while continuing to offer PayPal customers choice and flexibility in the ways they can pay using the PayPal wallet.

"Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies."

Last week, Tesla announced that its electric cars can now be bought with Bitcoin in the US, with the facility set to be rolled out to customers outside the US later in the year.

Elon Musk, who now likes to be referred to as 'Technoking' of Tesla, tweeted at the time: "Tesla is using only internal & open source software & operates Bitcoin nodes directly. Bitcoin paid to Tesla will be retained as Bitcoin, not converted to fiat currency."

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