In what is the most recent development in the crypto space, PayPal users in the United States can now use the financial service provider’s crypto functionality to pay for goods and services. This was according to a Reuters report that stated that the Fintech company would allow “U.S. consumers to use their cryptocurrency holdings to pay at millions of its online merchants globally, (in) a move that could significantly boost use of digital assets in everyday commerce.”
According to the report, users who hold their crypto assets in the digital wallets of PayPal would now be able to convert these assets into fiat currencies that can be used to settle payments. This feature, which has been in the offing since last year, would be available to all of its 29 million global merchants soon.
While an official announcement is yet to be made, the firm CEO Dan Schulman reportedly said “this is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet.”
Previously, PayPal only allowed its users to buy and hold their Bitcoin and other cryptos within its ecosystem. However, with this development, it means users would have access to be able to spend their crypto holdings on the goods and services they might have purchased.
Interestingly, yesterday, Visa announced that it would now support the use of crypto for settlements on its platform too. This comes after Tesla said that it would also start accepting Bitcoin as a mode of payment for its vehicles.