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The new PayPal app gives you more ways to explore crypto. Whether you want to buy, sell, hold or even use it to checkout with millions of PayPal merchants. https://t.co/BO5unPByrR pic.twitter.com/2NcOnaR4yv
— PayPal (@PayPal) November 18, 2021
PayPal payments with Checkout With Crypto
In March of this year, PayPal announced the upcoming release of its “Checkout With Crypto” payments service to allow American consumers to make payments to millions of merchants using cryptocurrencies from their PayPal wallets.
The CEO of Paypal had stated:
“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”.
For now, payments can only be made with the four main cryptocurrencies, namely Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
Dan Schulman, president and CEO of PayPal, had said.
“The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly”.
“Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption and interoperability of these new instruments of exchange. We are eager to work with central banks and regulators around the world to offer our support, and to meaningfully contribute to shaping the role that digital currencies will play in the future of global finance and commerce”.
In October last year, PayPal had also granted the ability to sell, buy or hold cryptocurrencies through its PayPal wallet, in the US only.
At the end of October 2021, the service was also enabled for European users.
PayPal, the most downloaded crypto app
According to the renowned mobile app research company App Annie, worldwide downloads of the top five cryptocurrency apps reached a total of 46 million in the third quarter, an increase of 75% compared to the same period last year.
PayPal was the most downloaded cryptocurrency app globally. App Annie estimates that about half of the total global downloads among the top five cryptocurrency apps came from PayPal in the September quarter alone.