After allowing its users to buy bitcoin and other cryptocurrencies in their account, PayPal is now going to launch a checkout service that will enable its customers to convert cryptocurrencies to fiat currencies and use them for payments at PayPal's millions of online merchants.
As reported by Reuters, the service will be available at all 29 million merchants supported by PayPal in the next few months. While the arrival of in-app Bitcoin buying options was already touted a big push towards mainstream adoption, the ability to further use those holdings to pay might motivate even further interest from PayPal's more than 280 million users.
PayPal President and CEO Dan Schulman reportedly told Reuters that “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.”
Schulman further said that cryptocurrencies have reached a "transitional point" at which there will be a shift in their use case: rather than being used primarily as "an asset class that you buy, hold and or sell," they may now become "a legitimate funding source to make transactions in the real world at millions of merchants."
PayPal will charge no transaction fees for cryptocurrency checkouts, the report notes.
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