Facebook with Latestnigeriannews  Twieet with latestnigeriannews  RSS Page Feed
Home  |  All Headlines  |  Punch  |  Thisday  |  Daily Sun  |  Vanguard   |  Guardian  |  The Nation  |  Daily Times  |  Daily Trust  |  Daily Independent
World  |  Sports  |  Technology  |  Entertainment  |  Business  |  Politics  |  Tribune  |  Leadership  |  National Mirror  |  BusinessDay  |  More Channels...

Viewing Mode:


  1.     Tool Tips    
  2.    Collapsible   
  3.    Collapsed     
Click to view all Entertainment headlines today

Click to view all Sports headlines today

PayPal customers can now use cryptocurrency to pay merchants. Its CEO bought a pair of cowboy boots in the platform's first crypto checkout transaction.

Published by Business Insider on Tue, 30 Mar 2021

<p><img src="https://static3.businessinsider.com/image/606304b167187800184ad3ba-2400/AP18263749784555.jpg" border="0" alt="Dan Schulman" data-mce-source="Evan Agostini/AP"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>PayPal has started allowing US consumers to use their cryptocurrency holdings to pay at millions of its online merchants globally, <a href="https://www.fastcompany.com/90620101/paypal-cryptocurrency-bitcoin'partner=feedburner&amp;utm_source=feedly&amp;utm_medium=webfeeds&amp;utm_campaign=Feed%3A+fastcompany%2Fheadlines+%28Fast+Company%29">it announced Tuesday</a>.</p><p>Customers who hold bitcoin, ether, bitcoin cash, and litecoin in PayPal digital wallets would now be able to convert their holdings into fiat currencies at checkouts to make purchases, the company told Reuters.</p><p>President and CEO Dan Schulman told <a href="https://www.fastcompany.com/90620101/paypal-cryptocurrency-bitcoin'partner=feedburner&amp;utm_source=feedly&amp;utm_medium=webfeeds&amp;utm_campaign=Feed%3A+fastcompany%2Fheadlines+%28Fast+Company%29">Fast Company</a> he made the first official purchase using the new checkout system, buying a pair of cowboy boots.</p><p>The service, which PayPal revealed it was working on late last year, started rolling out on Tuesday, and would be available to all US customers "over the next few weeks," Schulman said.</p><p>Customers can already use it at half of PayPal's 29 million merchants across the world, he added.</p><p>"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," Schulman told Reuters.</p><p><em><strong>Read more: </strong><a href="https://www.businessinsider.com/paypal-cryptocurrency-bitcoin-investor-day-growth-strategy-payments-2021-2" data-e2e-name="inline-read-more-link">PayPal is seeing high engagement numbers from crypto holders on its app as digital currency is shaping up to be a key part of the payment giant's future strategy</a></em></p><p><a href="https://www.businessinsider.com/paypal-ceo-dan-schulman-outlines-vision-for-super-app-future-2021-3">Checkout with Crypto</a> builds on the ability for PayPal users to buy, sell, and hold cryptocurrencies, which the San Jose, California-based payments company launched in October.</p><p>The offering made&nbsp;PayPal&nbsp;one of the largest mainstream financial companies to open its network to cryptocurrencies and helped fuel a rally in virtual coin prices.</p><p>Bitcoin has nearly doubled in value since the start of this year, boosted by increased interest from larger financial firms that are betting on greater adoption and see it as a hedge against inflation.</p><p>PayPal's launch comes less than a week after <a href="https://www.businessinsider.com/elon-musk-tweets-you-can-buy-a-tesla-with-bitcoin-2021-3'utm_source=markets&amp;utm_medium=ingest">Tesla said it would start accepting bitcoin payments for its cars</a>. Unlike PayPal transactions, where merchants will be receiving fiat currency, Tesla said it will hold the bitcoin used as payment.</p><p>Still, while the nascent asset is gaining traction among mainstream investors, <a href="https://markets.businessinsider.com/currencies/news/tesla-bitcoin-payment-decision-unlikely-to-be-followed-other-companies-2021-3-1030251784">it has yet to become a widespread form of payment</a>, due in part to its continued volatility.</p><p>PayPal&nbsp;hopes its service can change that, as by settling the transaction in fiat currency, merchants will not take on the volatility risk.</p><p>"We think it is a transitional point where cryptocurrencies move from being predominantly an asset class that you buy, hold and or sell to now becoming a legitimate funding source to make transactions in the real world at millions of merchants," Schulman told Reuters.</p><p>The company said it would charge no transaction fee to checkout with crypto and only one type of coin could be used for each purchase.</p><p><a href="https://www.businessinsider.com/paypal-crypto-merchant-payments-bitcoin-ether-litecoin-cryptocurrency-finance-schulman-2021-3#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/worlds-most-expensive-liquid-thoroughbred-horse-semen-2020-3">Why thoroughbred horse semen is the world's most expensive liquid</a></p>
Click here to read full news..

All Channels Nigerian Dailies: Punch  |  Vanguard   |  The Nation  |  Thisday  |  Daily Sun  |  Guardian  |  Daily Times  |  Daily Trust  |  Daily Independent  |   The Herald  |  Tribune  |  Leadership  |  National Mirror  |  BusinessDay  |  New Telegraph  |  Peoples Daily  |  Blueprint  |  Nigerian Pilot  |  Sahara Reporters  |  Premium Times  |  The Cable  |  PM News  |  APO Africa Newsroom

Categories Today: World  |  Sports  |  Technology  |  Entertainment  |  Business  |  Politics  |  Columns  |  All Headlines Today

Entertainment (Local): Linda Ikeji  |  Bella Naija  |  Tori  |  Pulse  |  The NET  |  DailyPost  |  Information Nigeria  |  Gistlover  |  Lailas Blog  |  Miss Petite  |  Olufamous  |  Stella Dimoko Korkus Blog  |  Ynaija  |  All Entertainment News Today

Entertainment (World): TMZ  |  Daily Mail  |  Huffington Post

Sports: Goal  |  African Football  |  Bleacher Report  |  FTBpro  |  Kickoff  |  All Sports Headlines Today

Business & Finance: Nairametrics  |  Business Insider  |  Forbes  |  Entrepreneur  |  The Economist  |  BusinessTech  |  Financial Watch  |  BusinessDay  |  All Business News Headlines Today

Technology (Local): Techpoint  |  TechMoran  |  TechCity  |  Innovation Village  |  IT News Africa  |  Technology Times  |  Technext  |  Techcabal  |  All Technology News Headlines Today

Technology (World): Techcrunch  |  Techmeme  |  Slashdot  |  Wired  |  Hackers News  |  Engadget  |  Pocket Lint  |  The Verge

International Networks:   |  CNN  |  BBC  |  Al Jazeera  |  Yahoo

Forum:   |  Nairaland  |  Naij

Other Links: Home   |  Nigerian Jobs