PayPal and Visa have revealed plans to encourage the use of cryptocurrency on their platform, thereby demonstrating to traditional financial institutions how to handle the infamous volatility that comes with this asset group.
PayPal announced that it has a new cryptocurrency utilization service, Checkout with Crypto, which allows customers to make purchases from millions of online merchant selections with a select few cryptocurrencies on their PayPal accounts. This announcement comes a few months after the company’s decision to allow US customers to buy, hold, and sell cryptocurrencies on their PayPal account free of charge.
Meanwhile, Visa announced earlier this week that it would launch cryptocurrency settlements on its network by using a dollar-backed stablecoin. The payments solution giant noted that this move was a show of its ability to work with crypto-native fintech companies.
PayPal’s Checkout with Crypto would bolster its revenue potentials simply by holding cryptocurrency for customers in its vault. With its decision to handle currency conversion only at the point of purchase, PayPal conveniently avoids the responsibility of the fluctuation of value in the underlying currency.
Some financial experts have asserted that in the wake of PayPal’s new system, several banks and card networks are now under pressure to develop a similar strategy to retain their customers.
Checkout with Crypto Currently Support Only Four Cryptocurrencies
The payments solution company noted that it will roll out its new service in the United States alone, with the US dollar as the default transaction currency, which can get converted to other currencies at standard PayPal conversion rates. The company added that the new feature will be automatically added at checkout points for all PayPal merchants.
That said, Checkout with Crypto currently supports purchases in Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) and will charge customers zero fees for cryptocurrency checkouts.
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