- 1. PayPal launches: Checkout with Crypto
- 2. An Innovative Way for Businesses to Transact
- 3. How to Use Checkout with Crypto?
- 4. Is PayPal Safe for Crypto?
- 5.1. What crypto is available on PayPal checkout?
- 5.2. Where customers can use PayPal to checkout with cryptocurrency?
- 5.3. Has PayPal set a maximum limit of dollars for its cryptocurrency services?
- 5.4. Does PayPal deals in P2P (Peer-to-Peer) crypto trading?
- 5.5. Is it possible to use a credit card to buy crypto on PayPal? What are other payment options?
PayPal launches: Checkout with Crypto
PayPal has recently made a huge move with its new feature of letting the merchants utilize crypto assets at the time of their checkouts. On 30th March 2021, PayPal announced that they have added an amazing feature on their platform that is sure to bring a revolution in how traders will transact or exchange on the platform. Named as a Checkout with Crypto, this feature is another way of expanding the use and benefits of cryptocurrencies. With its reach to millions of global businesses, PayPal aims at facilitating users with the option to checkout with cryptocurrency. This feature has brought a significant change in the user experience, especially for businesses that deal through this payment platform.
Idea of PayPal crypto checkout
Having the ability to deal in cryptocurrency on PayPal, users are free to Checkout with Crypto where they have the option to convert cryptocurrency holdings into fiat currency at the time of checkout. Here, the worth mentioning fact is that there is certainty of value along with no hidden or additional fees. This feature is available for all PayPal customers and will appear at the checkout point in the PayPal wallet, showing the availability of cryptocurrency balance for eligible transactions.
While there are many methods to use digital currencies, there is much more behind the idea of PayPal crypto checkout. It drives the adoption of digital currencies followed by providing the flexibility to use the PayPal wallet. The step towards making buys for businesses through cryptocurrencies is what that drives mass acceptance and ubiquity of digital assets.
An Innovative Way for Businesses to Transact
Checkout with Crypto enables businesses to make transactions without being worried about bearing additional PayPal crypto fees or integrations. All the deals are made in USD and then converted to business’ applicable currency according to the PayPal’s conversion rate. Here, if any business doesn’t has enough funds to pay for someone’s services, PayPal comes to the rescue here as it enables customers to exchange their cryptocurrencies through this platform to clear their dues.
Here, Checkout with Crypto hasn’t left PayPal’s commitment behind to let users make decisions on their own. It enables them to choose whatever PayPal crypto merchant payment method or currency they want.
How to Use Checkout with Crypto?
Checkout with Crypto is available for every user who has sufficient cryptocurrency of the single type in his/her PayPal wallet. The balance should be enough to cover the amount of purchase so that PayPal’s new feature will appear. It appears alongside other payment methods and enables users to proceed in the same way as other ways to checkout from PayPal.
Process of purchase with PayPal Crypto
The process of using Checkout with Crypto works in the following steps:
- In case of having enough balance in cryptocurrency to make a buy, the option will be displayed automatically.
- Users can then choose the cryptocurrency of their choice- Bitcoin, Ethereum, Bitcoin Cash or Litecoin. It depends upon the balances available and what they hold with PayPal. Just keep in mind that one cryptocurrency can be used for a single buy.
- After getting confirmation from the user regarding the buy, digital currency will be converted into fiat currency and transaction is completed. Once done, the customer will get a receipt of both the purchase item and crypto sale.
- Last but not the least, there are no transaction charges from PayPal crypto checkout. The conversion spread of cryptocurrency is based on USD as crypto is converted into it.
PayPal Wallet will have Details of Checkout with Crypto
The best part about Checkout with Crypto is that users are able to convert their digital currencies into fiat ones like dollars and euros without paying even a single penny as PayPal crypto fees. The feature will appear automatically during check out because the only thing that it considers is, sufficient amount of coins available to bear the eligible buy.
Is PayPal Safe for Crypto?
When it comes to dealing with cryptocurrency via PayPal, users are rest assured of not getting into any sort of fraud or theft. However, if any user still suspect, he/she can approach PayPal’s customer service and report the issue immediately.
Here, PayPal used to clarify one thing that everything is protected, except for the losses that are the outcome of price fluctuations in cryptocurrencies. Since these digital currencies are volatile in nature, it’s recommended to always get assistance from a tax specialist or financial advisor.
What crypto is available on PayPal checkout?
For every user, following cryptocurrencies are available to exchange in:
- Bitcoin: Since its inception in 2009, it has become the largest crypto in terms of value.
- Ethereum: Referred to as the second largest cryptocurrency, Ethereum is the decentralized blockchain features contract functionality.
- Litecoin: Intended to be the future payment method, litecoin is easy to be mined as compared to Bitcoin as a trader can mine one coin within 2.5 minutes.
- Bitcoin Cash: The idea behind Bitcoin Cash is to make transaction time faster than what the original Bitcoin takes.
Where customers can use PayPal to checkout with cryptocurrency?
Currently, exchange with cryptocurrency on PayPal is only available for U.S. customers or users (except for Hawaii) and U.S. territories. What customers have to consider is that all PayPal crypto payments must be done in USD. PayPal will make this feature available for global markets in the near future.
Has PayPal set a maximum limit of dollars for its cryptocurrency services?
On weekly basis, PayPal allows traders to buy $20,000 worth of cryptocurrencies. The maximum amount for single crypto is the same while for buys within 12 months can go up to $50,000.
Does PayPal deals in P2P (Peer-to-Peer) crypto trading?
No at the moment. PayPal only manages those PayPal crypto payments or exchanges that are done with their account. In order to complete P2P transactions, all PayPal’s crypto assets have to be sold and converted into USD.
Is it possible to use a credit card to buy crypto on PayPal? What are other payment options?
No. Right now, traders need to have a Cash Plus or PayPal Cash balance or a bank account or debit card that is linked with PayPal to carry out transactions.