PayPal is the world leader in digital payments service providers. The company is providing its facilities in more than 200 countries in the world at the moment. The users of PayPal can transfer funds online to the escrow account that safeguards the interests of the payer and the payee. The merchant strength of PayPal is around 26 million unique registered users hailing from every part of the world and including institutional wallets.
Dan Schulman, CEO of PayPal, has stepped forward to announce the good news to its merchants that they would be able to trade with four selected cryptocurrencies on the digital payments platform. In the wake of online payments and internet-based purchases, the use of digital payment platforms like PayPal is expected to increase further. The PayPal merchants would be able to cash in on Bitcoin, Bitcoin Cash, Ethereum, and Litecoin at checkout.
How PayPal Crypto Exchange is supposed to Work
There were many ways of making the payment possible with PayPal. However, the company has finally adopted the method that makes it most convenient for as many users as possible. Merchants would be able to transfer their digital wallet contents to the PayPal digital wallet facilitated by itBit Database. itBit is also a crypto exchange at the base. This means that the digital assets would not have to hit the blockchain just like traditional exchange transaction models.
This shift in crypto payment is a step forward to ensure the notion of making digital payment more mainstream and ubiquitous. The traders without any knowledge of smart contracts and mining would also be able to benefit from the PayPal crypto check-out option. The merchants could now pay for a product with their choice of the four crypto-assets, which would automatically be converted into USD value.
The PayPal Mainstream Digital Payment Wallets
According to Schulman, the new PayPal wallets are a way forward into the future where consumers from every part of the world would be able to use digital assets as a direct means of making payments without having to own any fiat currency. It means that people can even pay for transactions with digital assets, as small as a coffee purchase, with the new PayPal digital wallet’s help. The good news is that there is going to be no transaction fee for crypto-based payments.
Schulman told the media that every crypto holder would get a conversion spread that would be automatically applied and translated to the crypto-USD conversion. The users would receive a record of crypto sales and purchases of an item via PayPal insta. Only one digital token can be used for a singular transaction. However, for now, this feature is only activated for USA-based users and is expected to go global in the next few months.