JAKARTA - PayPal now allows payment transactions using crypto money. But keep in mind, financial transactions with this cryptocurrency can only be used by users in the United States (US).
PayPal accepts payments with crypto money ranging from bitcoin ethereum, bitcoin cash to litecoin. This includes exchanging crypto into fiat money, which merchants can accept.
"For the first time you can use cryptocurrency smoothly, just like using a credit or debit card in a PayPal wallet," said CEO of PayPal, Dan Schulman, as quoted by CNBC International. Thursday, April 1st
In fact, PayPal already has plans for this policy since last year. In the coming months, payments using crypto will be accepted by as many as 29 million merchants worldwide.
Prior to PayPal, a number of other companies had accepted cryptocurrency payments, such as Visa and Tesla. The difference is, buyers who pay using crypto money to PayPal, then the company will save it as fiat money.
Regulations for accepting fiat money are needed to avoid its high risk, namely volatility.
"We think this is a transition point where cryptocurency moves from being dominated by an asset class that is bought, stored and sold to a tool that can be used in real-world transactions with millions of merchants," said Schulman.
In addition, PayPal does not charge any transaction fees for its users when paying with cryptocurrency. Each payment can only use one type of coin.
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