- PayPal CEO tests PayPal’s new cryptocurrency feature.
- Schulman offers a step-by-step guide on how to use the new service.
- The new PayPal service will increase digital asset use in everyday life.
For this purpose, Schulman visited Bronco Western Wear’s website to buy his favorite shoes. He showed in the video how after giving the required order details and placing his order, he headed to the checkout page. Once there, he chose Bitcoin to pay for his purchase.
Meanwhile, the CEO also explained that crypto lovers can now use it as a funding source instead of a PayPal balance or credit card.
Schulman has personally held Bitcoin for years. PayPal however only expanded to crypto in late 2020. First, it allowed customers to hold digital assets and later announced a crypto checkout service. PayPal now allows its users to pay for goods and services using BTC and three other cryptos.
For now, only U.S. citizens are able to use the service which will soon become available at PayPal’s 29 million merchants. Of note, this move could significantly boost the use of digital assets in everyday commerce.
Bitcoin has almost steadily increased since the start of this year. This has raised the interest of big firms that are betting on greater adoption and see it as a hedge against inflation.
PayPal’s new feature came after Tesla said it would start accepting bitcoin payments for its cars. Unlike PayPal transactions, Tesla said it will hold the bitcoin used as payment.
The budding asset is gaining traction between mainstream investors. Still, it has yet to become a widespread payment form due to concerns about its volatility.