InnovationCryptocurrency
March 30, 2021 | Jim Magats, SVP Omni Payments
Last year, as consumers increasingly turned to digital payments to shop and pay, we introduced the ability for PayPal customers to buy, hold and sell four types of cryptocurrency in the PayPal wallet. Today, we’re taking the next step in driving increased utility of cryptocurrency by introducing Checkout with Crypto, a new way for consumers to checkout with cryptocurrency for select purchases at millions of online businesses. Over the coming months, we plan to expand to even more businesses.
Checkout with Crypto enables businesses to offer their customers more choice, enabling them to checkout with cryptocurrency, without requiring any additional integrations or fees for the business. All transactions are settled in USD and converted to the applicable currency for the business at the standard PayPal conversion rates. Checkout with Crypto offers customers the ability to sell cryptocurrency through PayPal to then pay a business for select online purchases in one seamless checkout flow.
Until now, offering cryptocurrency as a payment type has been challenging for businesses – from integration requirements, technical barriers, and general lack of awareness among consumers. Checkout with Crypto allows businesses to accept the proceeds from sales of cryptocurrency as a payment type, all within the current PayPal integration, removing the need for any additional action for businesses. PayPal handles the crypto sale and conversion with the consumer and passes on US dollars to the business for the purchase, streamlining the process for businesses.
With interest around crypto growing, Checkout with Crypto introduces another way for businesses to get paid and is a natural extension of the broad portfolio of services offered to PayPal merchants to drive engagement with their customers. This new payment type can help merchants serve new customers who want to use their digital currencies to pay, while helping them build loyalty with existing customers who want more choice.
More information on how Checkout with Crypto works for consumers can be found here.