(Washington) US online payment giant PayPal announced on Tuesday that it will accept cryptocurrency payments in the United States, a move that could speed up the adoption of Bitcoin, Ether and other Litecoin transactions.
The group said in a statement that a new feature in the PayPal wallet will provide consumers with the ability to “pay in cryptocurrencies” along with other payment methods.
The service “will be available to millions of online businesses around the world, and gradually over the coming months, customers with holdings of cryptocurrencies in the United States will be able to easily choose to pay in cryptocurrencies,” says PayPal.
“With the acceleration of the use of payments and digital currencies, the introduction of ‘payment in cryptocurrencies’ is in line with our measures to support the widespread adoption of cryptocurrencies,” said Dan Shulman, CEO of PayPal.
Enabling cryptocurrency purchases from companies all over the world is the next step that will drive the expansion and acceptance of digital currencies.
Dan Shulman, Head of PayPal
Specifically, transactions will be settled in dollars and converted into the applicable currency according to standard PayPal conversion rates.
The “Pay in Crypto” feature will allow consumers to sell the cryptocurrency through PayPal and then pay a company for their online purchases in a single payment, the company says.
PayPal isn’t the first online payment service to support the use of cryptocurrencies. In 2018, Square launched an app that allows purchases in Bitcoin. But the sheer power of online payments, with 377 million accounts, should burden the spread of cryptocurrencies.
On Monday, the credit card issuing company, Visa, announced that it would accept the US dollar, a stable, coin-backed digital currency – to settle transactions for some of its cards.
“Visa will pilot Crypto.com, one of the largest crypto platforms, and plans to offer the USDCoin settlement to other partners later this year,” the group said in a statement.
USDCoin is based on the network of the second largest cryptocurrency, Ethereum.
The first, Bitcoin, was valued at $ 58,896 on Tuesday, up roughly 3%.