Global payments giant PayPay will offer American customers the option to use crypto to pay for purchases made through online merchants according to early reports. The company is expected to make the announcement later today (March 30 2021), and will support Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
“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,”Dan Schulman, CEO PayPal
PayPal began it’s crypto love affair in 2020, when it began providing a service allowing users to buy, hold and sell digital currencies. PayPal said crypto-buying customers were logging on to the platform at twice the rate compared to before offering the feature. It also created it’s first dedicated business unit focussed entirely on blockchain and cryptocurrencies shortly after it pulled out of Facebook’s Libra cryptocurrency project.
And it seems to be paying off. The company’s earnings saw a surge in key metrics including newly opened accounts, payment volumes, revenue and net profit in Q4 of 2020, compared with the same time the year prior.