PayPal will start to accept crypto as a medium of exchange
Cryptocurrencies have the potential to change the world and companies started to realize their potential. It is worth mentioning that, PayPal will start to accept cryptocurrency as a medium of exchange at its millions of global merchants. Interestingly, the firm’s president and CEO revealed this information on Tuesday ahead of a formal announcement.
As a reminder, news broke regarding PayPal’s rumored decision to accept cryptocurrencies on March 30. Hopefully, the firm’s CEO Dan Schulman confirmed that the rumors were true.
People should keep in mind that, the new system is expected to feature a crypto checkout service, where customers can pay for goods and services at approved vendors using their stored coins. Moreover, the system will reportedly see merchants receive equivalent funds directly in fiat currency. They will receive funds after coins are subject to a quick transfer at the time of sale.
Interestingly, the checkout service is expected to be available for all four of PayPal’s supported cryptocurrencies upon launch. The online payments giant PayPal supports Bitcoin, Ether, Litecoin, and Bitcoin Cash. Importantly, users who pay with cryptocurrencies will incur no commission fees on purchases. Moreover, it is possible to use only one coin per purchase.
PayPal and other companies
PayPal is not alone when it comes to new technologies. This week, Visa announced that it would pilot a new payments system using stablecoins on the Ethereum blockchain. This program will allow its partners to the Ethereum to settle a transaction made in fiat.
Interestingly, the major credit card provider will cooperate with cryptocurrency exchange platform and card issuer Crypto.com. The purpose of this partnership is to offer a crypto settlement system for fiat transactions later this year.
Moreover, Visa’s partners will reportedly be able to exchange USD Coin over the credit card’s payment network to clear transactions made in fiat currency. Let’s have a look at the information provided by the company. According to the company, its standard settlement process requires partners to send fiat currency via wire transfer, which can add cost and complexity built with digital currencies.
Furthermore, Visa aims to make this system available to Fintech companies and networks that handle cryptocurrencies.
As stated above, PayPal will start to accept cryptocurrency as a medium of exchange at its millions of global merchants. Moreover, other companies should pay more attention to cryptocurrencies. This way it will be easier to make various cryptocurrencies more popular all over the world.
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