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PayPal Now let US Customers to Pay with Bitcoins and other Cryptocurrency

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Visa and PayPal recently announced that they would allow the use of cryptocurrency on their platforms using “Checkout with Crypto”.

Global payment platform PayPal on Tuesday, 30 March announced that “Checkout with Crypto” allows users to instantly convert their Bitcoin, Ethereum, Litecoin, or Bitcoin Cash to US dollars (with no additional transaction fees) to complete the transaction. If a merchant doesn’t take US dollars, PayPal also converts those dollars into local currency at standard conversion rates set by PayPal. 

“We see increasing demand from consumers across the world to be able to access, hold and use digital currencies and we’re seeing demand from our clients to be able to build products that provide that access for consumers,” Cuy Sheffield, Visa’s head of crypto, said in a statement.

This means that users holding Bitcoin, Ethereum, Litecoin will be able to instantly convert their cryptocurrencies into US dollars at checkouts to make purchases.

President and CEO Dan Schulman 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”.

The feature will automatically appear in the PayPal wallet if a user has a “sufficient cryptocurrency balance to cover an eligible purchase,”. And you’ll be able to see your crypto balances for each kind of coin in the app. However, you can only use one type of cryptocurrency for each purchase you make.

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