PayPal Will Allow Users to Pay All of its 28 Million Merchants with Cryptocurrency

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The CEO of PayPal, Dan Schulman, said that ‘we’re going to allow cryptocurrencies to be a funding source for any transaction happening on all 28 million of our merchants. And that will significantly bolster the utility of cryptocurrencies.’

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In an interview on CNBC, Schulman further explained that users will be able to choose to pay with cryptocurrencies at any PayPal merchant, and that the cryptocurrency will be converted into cash during the transaction, meaning the user pays with crypto and the merchant receives cash.

PayPal currently has about 62% of the market share of online payments, and boasts 305 million users.

This will be a huge step in increasing the utility of cryptocurrency, allowing millions of new merchants to accept Bitcoin and other cryptos. More major online payment companies may follow PayPal’s lead too.

Schulman said he believes because of the COVID-19 pandemic, 40 to 70% of consumers no longer want to handle cash. This has accelerated the shift to digitalized forms of payment, like cryptocurrencies.

PayPal consulted with global regulators and central banks before launching their crypto service. Schulman believes it’s only a matter of time before these monetary authorities release their own digital currencies.

According to Pantera Capital, since PayPal’s crypto service went live volume has exploded, and PayPal is buying up to 70% of all newly minted Bitcoins.

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