On March 30, 2021, PayPal Holdings Inc announced the launch of a new service that allows US consumers to use cryptocurrency reserves as payment for their purchases. This service will lead to a significant increase in the use of digital assets in day-to-day trading.
The company said the new feature allows customers who store bitcoins in digital wallets on the platform to convert holdings into fiat currencies at checkout counters to make purchases. The service, which PayPal has been developing for over a year, will be available in the coming months.
Dan Schulman, CEO of the company, noted that this is the first time consumers will be able to use cryptocurrency in the same way as a credit or debit card in their PayPal wallet. The new service will significantly simplify the conversion system, so that users can use their reserves for purchases more often.
In addition, the CEO added that this feature represents a watershed moment in the history of virtual money. Cryptocurrencies are moving from an asset class that users buy, invest, or sell to becoming a legitimate source of funding for real-world transactions.
It is known that the new feature will automatically appear in the PayPal wallet if the user has sufficient cryptocurrency balance to make a purchase. The company noted that consumers will only be able to use one type of coin to pay for a specific product.
Tesla Inc recently announced that it will begin accepting Bitcoin payments for its vehicles. This information was enough for the value of the cryptocurrency to increase even more. A nice bonus for buyers is that the company will not charge a transaction fee when placing an order using a virtual coin.
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