PayPal now lets customers check out with cryptocurrency

(Joe Raedle/Getty Images)

By Isoken Osagie

PayPal announced Tuesday it will allow shoppers to make online purchases with cryptocurrency.

According to the New York Post, PayPal already allowed users to buy and sell cryptocurrencies through its platform and now, crypto holdings will be an additional payment option alongside the customers' bank account or credit card details during check out at eligible online stores.

In a tweet, PayPal said the new feature is "seamlessly woven into the PayPal checkout flow" and won't cost customers additional fees.

"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."

Simply, PayPal will process the payment by converting the customer’s cryptocurrency into traditional cash for the business without a transaction fee.

Four cryptocurrencies are currently supported i.e bitcoin, Ethereum, Bitcoin Cash and Litecoin, and the New York Post reports that only one type of coin can be used for each purchase.

"As the use of digital payments and digital currencies accelerates, the introduction of Checkout with Crypto continues our focus on driving mainstream adoption of cryptocurrencies, while continuing to offer PayPal customers choice and flexibility in the ways they can pay using the PayPal wallet," said Dan Schulman, president and CEO, PayPal, in a press release.

Schulman added, "Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies."

The service is available to customers in the U.S. and the company plans to expand in the coming months.

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