A checkout service will be implemented which waives transaction fees for purchases made using crypto, PayPal’s president and CEO confirmed. Online payments giant PayPal will start to accept cryptocurrency as a medium of exchange at its millions of global merchants, the firm’s president and CEO revealed on Tuesday ahead of a formal announcement.
The new system is expected to feature a crypto checkout service where users can pay for goods and services at approved vendors using their stored coins. The system will reportedly see merchants receive equivalent funds directly in fiat currency after coins are subject to a quick transfer at the time of sale.
The PayPal news comes just 24 hours after Visa announced that it would pilot a new payments system using stablecoins on the Ethereum blockchain. The pilot will see participating merchants agree to settle customers’ fiat transactions using the USDC stablecoin.