PayPal announced on Tuesday that it will start allowing U.S. consumers to process payments for its merchants worldwide with cryptocurrency.
The Checkout with Crypto payment option will enable users to instantly convert their Bitcoin, Ethereum, Litecoin, or Bitcoin Cash to US dollars with no extra charges .
If a merchant doesn’t take US dollars, PayPal also converts those dollars into local currency at standard conversion rates set by PayPal.
The crypto-payment feature will appear automatically in the PayPal wallet if a user has a sufficient cryptocurrency balance to cover an eligible purchase.
The company further stated that the service will be available to all its 29 million merchants worldwide in the coming months.
It will be remembered that the company had earlier introduced the ability for its users to buy, sell and hold cryptocurrencies in October last year.
The announcement is coming in the heels of a similar announcement by payment provider VISA to also allow its user to use USD Coin in transactions made across its payment network.
VISA head of crypto stated that the company have seen an increasing demand from consumers across the world to be able to access, hold and use digital currencies.