March 30, 2021 | John Kunze, SVP Branded Experiences
Last year, we introduced the ability for PayPal customers in the U.S. to buy, hold and sell four different types of cryptocurrency in the PayPal wallet you know and trust. Today, we’re excited to build on that functionality and increase the utility of cryptocurrency with the introduction of Checkout with Crypto, a new way for PayPal customers to check out with cryptocurrency for select online purchases.
The introduction of Checkout with Crypto reinforces our commitment to offering PayPal customers more ways to pay and shop at their favorite businesses. Seamlessly woven into the PayPal checkout flow, customers using Checkout with Crypto can check out safely and easily, quickly converting cryptocurrency holdings to US dollars at checkout, with clear conversion rates and no additional fees.
Why Checkout with Crypto?
Until now, using cryptocurrency to pay for purchases hasn’t been easy, as it hasn’t had the same widespread utility, integration or support as you expect with other types of digital payments. With Checkout with Crypto, we’re addressing this head on, enabling you to seamlessly sell the cryptocurrency you have in your PayPal wallet to pay for select purchases at millions of global online businesses. Eligible users can purchase crypto in the PayPal wallet for as little as $1, and when you check out with crypto, we’ll take care of the sale and conversion of your crypto holdings to cover the purchase.
Plus, eligible purchases made using Checkout with Crypto will also include the safety, security and other benefits of using PayPal, including 24/7 fraud protection, return shipping on us, and purchase protection. Checkout with Crypto is rolling out to PayPal customers in the U.S. from today and will be available broadly to customers in the U.S. in the coming weeks.
How to use Checkout with Crypto
Using Checkout with Crypto is simple – it will appear alongside other payment methods already in the wallet, like bank account, balance or credit card/debit card.
Here’s some more information on how Checkout with Crypto works:
- At checkout, if you have sufficient balance of cryptocurrency to cover the purchase, crypto will automatically display as a payment method for that purchase.
- You will be able select the cryptocurrency of your choice – Bitcoin, Litecoin, Ethereum or Bitcoin Cash, depending on what you are holding in your PayPal wallet and the balances available in each cryptocurrency. Only one type of crypto currency can be used for each purchase.
- Once you confirm the purchase, the cryptocurrency is converted to USD by PayPal on your behalf and the transaction is completed. You will receive a record of both the crypto sale, as well as a receipt for the purchased item.
- PayPal charges no transaction fee to checkout with crypto – a cryptocurrency conversion spread will be built into the conversion from crypto to USD.
Checkout with Crypto is rolling out to PayPal customers in the U.S from today and will be expanding to more businesses over the coming months.